Friday, September 24, 2021
HomeNEWSCOVID Emergency Credit Facility covers all companies and not just MSMEs: Finance...

COVID Emergency Credit Facility covers all companies and not just MSMEs: Finance Minister

Union Minister for Finance and Corporate Affairs Smt Nirmala Sitharaman today said that the COVID Emergency Credit Facility covers all companies and not just MSMEs. Addressing the FICCI National Executive Committee members, Smt Sitharaman assured the industry of all possible Government support with the intent of supporting Indian business and reviving the economy, and said, “We are committed to supporting/intervene if any of your members have a problem”.

On the question of liquidity, the Finance Minister said, “We have fairly clearly addressed the issue of liquidity. There is definitely the availability of liquidity. We will look into it if there are still issues.” Smt Sitharaman also said that every Government department has been told to clear dues and if there is an issue with any department, the government will look into it.

The Finance Minister also said that the Government will consider an extension in the deadline for availing the 15% corporate tax rate on new investments. “I will see what can be done. We want the industry to benefit from the 15% corporate tax rate on new investments and I take your point for considering an extension in the deadline of 31st March 2023,” Smt Sitharaman said.

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.

With regard to the need for a reduction in GST rates in the worst affected sectors, She said, “GST rate reduction will go to the Council. But the council is also looking for revenue. The decision for a reduction in rate for any sector has to be taken by the Council”.

Finance and Revenue Secretary Mr. Ajay Bhushan Pandey informed FICCI members that 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.

The meeting was also attended by the Secretary Expenditure Mr. T V Somanathan, Economic Affairs Secretary Mr. Tarun Bajaj, Corporate Affairs Secretary Mr. Rajesh Verma, Department of Financial Services Secretary Mr. Debasish Panda and Chief Economic Advisor Dr. K V Subramanian.

FICCI President Dr. Sangita Reddy informed the Finance Minister that the chamber is in constant touch with different government departments to support the implementation of the measures announced to deal with the COVID-19 impact. “FICCI is committed to the common goal of Atmanirbhar Bharat and working with the government in enhancing implementation,” Dr. Reddy added.

T logo 01 TaxClue
TaxClue Team
Taxclue is an online news portal for reporting all news, articles, judgments, Circulars, orders, and notifications relating to various corporate and tax laws in India. We use the tagline ‘Simplifying Laws’. Our mission is to Simplify the Laws and make people aware of their rights and duties in relation to tax matters in order to equip them to participate in nation-building.

Leave a Reply

Follow Us


Recent Posts

eway bill

Consolidated E-way Bill Under GST | Essential Conditions & Benefit

E-way Bill is an essential document required to be generated whenever some movement of goods is involved from one place to another. Whether the movement...

Digital Signing PDF Documents To Close Important Business Deals Easily

A remote working environment has created challenges in signing the documents physically. Digital Signatures turns your remote work easier and helps you sign documents...

12 Things You Must Know About Public Provident Fund (PPF)

Public Provident Fund or PPF has been one of the most popular investment options in India. There are many reasons for the popularity of PPF including...

Decisions at 45th GST Council  Meeting – Key Highlights

The 45th GST Council meeting was held today i.e. on September 17, 2021, under the Chairmanship of Union Finance & Corporate Affairs Minister Smt....

Income tax return filing: Useful tips for first-time return filers

An income tax return is a yearly statement that declares your income and taxes paid during the year to the income tax department. It...

Most Popular