COVID emergency credit facility is for all companies and not for MSMEs only

While Addressing the FICCI National Executive Committee members, Union Minister for Finance and Corporate Affairs Smt Nirmala Sitharaman stated that COVID Emergency Credit Facility covers all companies and not just MSMEs. Finance Minister assured the industry of all possible Government support with the intent of supporting Indian business and reviving the economy.

Liquidity Support:

Statements of Finance Minister:

• There is definitely the availability of the liquidity.
• We will look into it if there are still issues.
• Every Government department has been told to clear dues and if there is any issue with any department, the government will look into it.

Upcoming Reforms:

• The Government will consider an extension in the deadline for availing the 15% corporate tax rate on new investments.

• Government want industry to benefit from the 15% corporate tax rate on new investments and considering an extension in the deadline of 31st March, 2023 (only suggestion at present).

Other Key highlights:

• MCA and SEBI Deadlines:

The Finance minister suggested the industry to submit their recommendations related to the ministry of corporate affairs or SEBI deadlines so that necessary steps could be taken.

• GST Rate Reduction:

• GST rate reduction will go to the Council. But the council is also looking for revenue.
• The decision for reduction in rate for any sector has to be taken by the Council".

• Income (I-T) refunds

Income Tax Refund to the corporates have also started and I-T refunds to the tune of Rs 35,000 crore have been issued in the last few weeks.

Link: https://www.pib.gov.in/PressReleseDetail.aspx?PRID=1630260

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