Employees Provident Fund

• Payment of 12% of employer and 12% employee contributions under Pradhan Mantri Garib Kalyan Package (PMGKP) made by the government into EPF accounts of eligible establishments for salary months of March, April and May 2020 , this support will be extended by another 3 months for salary months of June, July and August 2020
• Statutory PF contribution of both employer and employee will be reduced to 10% each from existing 12% each for all establishments covered by EPFO for next 3 months.

NBFCs/HFCs/MFIs

• Rs 30,000 crore Special Liquidity Scheme for NBFCs/HFCs/MFIs
• Rs 45,000 crore Partial Credit Guarantee Scheme 2.0 for NBFCs

DISCOMS :

• PFC/REC to infuse liquidity of Rs 90,000 cr to DISCOMs against receivables;
• Loans to be given against State guarantees for exclusive purpose of discharging liabilities of Discoms to Gencos ;
• Central Public Sector Generation Companies shall give rebate to Discoms which shall be passed on to the final consumers (industries)

Contractors :

• Extension of up to 6 months (without costs to contractor) to be provided by all Central Agencies (like Railways, Ministry of Road Transport & Highways, Central Public Works Dept, etc)
• Government agencies to partially release bank guarantees, to the extent contracts are partially completed, to ease cash flows

Real Estate

• Treat COVID-19 as an event of ‘Force Majeure’ under RERA.
• Extend the registration and completion date suo-moto by 6 months for all registered projects expiring on or after 25th March, 2020 without individual applications. Regulatory Authorities may extend this for another period of upto 3 months, if needed
• Issue fresh ‘Project Registration Certificates’ automatically with revised timelines.

Direct Tax

• The rates of Tax Deduction at Source (TDS) for non-salaried specified payments made to residents and rates of Tax Collection at Source (TCS) for the specified receipts shall be reduced by 25% of the existing rates. Payment for contract, professional fees, interest, rent, dividend, commission, brokerage, etc. shall be eligible for this reduced rate of TDS. This reduction shall be applicable for the remaining part of the FY 2020-21 i.e. from tomorrow to 31st March, 2021.
• All pending refunds to charitable trusts and non-corporate businesses & professions including proprietorship, partnership, LLP and Co-operatives shall be issued immediately.
• Due date of all income-tax return for FY 2019-20 will be extended from 31st July, 2020 & 31st October, 2020 to 30th November, 2020 and Tax audit from 30th September, 2020 to 31st October, 2020.
• Date of assessments getting barred on 30th September, 2020 extended to 31st December, 2020 and those getting barred on 31st March, 2021 will be extended to 30th September, 2021.
• Period of Vivad se Vishwas Scheme for making payment without additional amount will be extended to 31st December, 2020.

To refer to the detailed presentation of the FM, click here and to refer to the press release of the MoF, click here.

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