New Delhi (India): Prime Minister Narendra Modi on Nirmala Sitharaman’s announcement said that it will definitely in a long way in addressing the issues which have been faced by the businessman especially the medium Small, and micro Enterprises that has been hit by the COVID-19 crisis and weeks-long lockdown. In addition, he said that these steps which has been announced will boost the liquidity, to create the spirit of competition, and empower the entrepreneurs, twitted by PM Modi.
In response, Nirmala Sitharaman twitted late Wednesday by saying under his guidance, the govt. is laying out the Blue Prints of his vision for “AatmaNirbharBharatAbhiyan”.
The Finance Minister Nirmala Sitharaman said in the announcement that the govt. will offer a collateral-free bank loans of Rs 3 Lakh Crore to the small businessman in order to that they combat the damage caused by the pandemic outbreak.
Yesterday PM Modi announced in a televised addressing the nation that the allocation is the part of a 20 lakh crore monetary and fiscal package.
The govt. will cut the tax rates for the non-salary payments and also the filing of the income tax return and other assessments has extended. Nirmala Sitharaman said that the rate of tax cuts up to 31 March 2021, would be cut by 25%. The govt. also extended by 3 months its financial support the companies with less than 100 employees in it in order to meet the obligations of retirement fund.
For all other companies, statutory obligation to pay 12% of the basic salary as the employees share to employee provident fund contribution has been also reduced by 10%. Only the Indian Companies can take a tender up to 200 crores.
For the latest updates, stay tuned with The TLC News.
