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MSMEs get big boost, TDS rate cut: All about govt’s Covid-19 financial package
Here is a preview of the top Covid-19 news today from India and the world.
Finance minister Niramala Sitharaman announced a Rs 5.9 lakh crore stimulus on Wednesday with a sharp focus on MSMEs. The government also announced a liquidity scheme for NBFCs, HFCs and MFIs. While the rates of TDS and TCS were reduced by 25% to help investors and professionals, statutory deductions on EPF contributions for formal sector employees and employers too were lowered.
Big boost to small biz in first tranche
Finance minister Nirmala Sitharaman on Wednesday unveiled a ₹5.9 lakh crore stimulus package which includes ₹3 lakh crore collateral-free loans to small businesses, ₹75,000 crore liquidity infusion in non-banking finance companies (NBFCs), ₹90,000 crore financial support to power discoms and ₹50,000 crore cash in the hands of taxpayers. Read more
TDS rate cut to leave professionals, equity investors with cash
The government’s move to reduce the rates of tax deduction at source (TDS) and tax collection at source (TCS) by 25% will benefit investors and professionals by putting more cash in their hands. Read more
Credit guarantee, equity support for small business
Finance minister Nirmala Sitharaman on Wednesday offered struggling small businesses, the country’s dominant job creator, a rescue package that includes credit guarantees, equity support and a better chance to win government contracts as part of the ₹20 trillion package to revive the economy. Read more
Govt announces ₹75,000 cr fund for non-banking, micro financiers
Finance minister Nirmala Sitharaman announced measures worth ₹75,000 crore for liquidity-starved non-banks, mortgage lenders and micro financiers as part of the government’s economic rescue package. Read more
Businesses hope for rise in demand with tax, PF relief
Consumer product companies are hoping that steps announced on Wednesday by finance minister Nirmala Sitharaman will generate demand by putting more money in the hands of consumers through cuts in the tax deducted at source (TDS) and contribution towards Employees’ Provident Fund (EPF). Read more
Power discoms to get ₹90,000-cr liquidity fund as demand drops
The government on Wednesday announced a ₹90,000 crore liquidity injection into fund-starved electricity distribution companies (discoms) as part of a stimulus package to revive the country’s battered economy. Read more
Centre curtails EPF contributions by 2%, move likely to benefit 650,000 firms
The Centre on Wednesday reduced statutory deductions on employees’ provident fund (EPF) contributions for both formal sector employers and employees from the usual 12% each to 10%, for the May-July period. Read more
States told to extend deadlines of real estate projects
Offering some relief to real estate developers, Union finance minister Nirmala Sitharaman on Wednesday asked states and union territories to extend the registration and completion date by six months of all projects registered under the Real Estate Regulatory Authority (RERA). Read more
Covid-19: What you need to know today
Finance minister Nirmala Sitharaman announced the first part of the economic package India has been waiting for since late March, when a lockdown was enforced to combat the rapid spread of the Covid-19 pandemic. Read more
Liquidity efforts good for market but issues remain
The Union government’s stimulus package to inject liquidity and improve credit flow is likely to cheer markets on Thursday, even as market analysts feel the impact of the policies will depend on their implementation. Read more
Idea of a resilient India is driving the policy package that is being laid out: Jayant Sinha
Former union minister and chairman of the parliamentary standing committee on finance, Jayant Sinha said in an interview that the priority of the Narendra Modi government is to strengthen India and to make it resilient. Read more
Opposition parties hit out at Centre on Covid-19 package
The opposition parties expressed disappointment with the special Covid-19 stimulus package announced by the Centre on Wednesday with the Congress claiming that it has nothing for the migrant workers walking back to their home states. Read more
