Atam Nirbhar Bharat 20Lakh Crore Economy Package announce By FM Nirmala Sitharaman as on 13 may 2020

Atam nirbhar bharat package had been announced by our prime minister narendra modi as on May of 12 2020 due to #covid19 outbreak .

As we know that not only india but whole world are suffering from such dismal situations, by and by it spreading swiftly so for whole world has been made question mark how can we stable our economy because it will take long time to come out from such dismal virus.

so as per focusing present situation Our Prime Minister had announced om 12 of May 2020 Atam nirbhar bharat package #atamnirbharbharat.

Today Finance minister SMT sitharaman as on may of 13 2020 announced which sector will benefited of 20 lakh crore economy pacakge

There are Various Sector which will be benefited now will discuss one by one

Step 1 : Collateral free loan to MSME sector fully automated loan total loan amount 31 Lakh crore will be granted to MSME sector

  • it can be apply from 31 october 2020
  • over 45 Lakh MSME units will get benefited
  • Also can enjoy 12 months of moratorium period

STEP 2 : 20000 CR

  • 20000 cr shall be granted to those MSME sector who under pressure due to covid19 outbreak and they affected a lot and their busniess partially losses

STEP 3 : 50000 CR

  • The amount of 50000 cr extra or additional will be infusions to those sector who evinced to extend their business or they having unique business idea , Then government will allow additional fund to these types MSME sector

STEP : 4 MSME MEANING

  • Invest 1 cr or having turnover upto 5 cr
  • for small enterprises invest in business 10 cr or turnover 50 cr
  • Medium enterprises invest in business 20 Lakh or turnover 100 cr

STEP : 5

  • All Msme now can participant in government tender
  • Government tender upto 200 cr shall not be treated as global tender
  • all msme now should connected to E- market due to Covid19

STEP : 6 PMEPF( prime minister employee provided fund)

  • salary below 15000 per month shall benefited to 24% contribution by government
  • At earlier 12% had been contributed by employer and as same amount had contribute by employee 12% . But now total 24% shall be contributed by Government of india
  • 175000 cr is contributed in PM Garib kalyan

STEP : 6 STATUTORY PROVIDED FUND

  • Employer contribution now reduced from 12% 10 % for next 3 months

STEP: 7 NBFC / HOUSING FINANCE

  • due to lack of liquidity government shall also infuse 30000 cr to NBFC to maintain its liquidity and shall capable to lend loan to MSME sector for which they can expend their busness

STEP : 7 DISMOL

  • 90000 cr amount shall be given to electricity company to fulfill their needs and settle their outstanding and payment any dues or for other new project

STEP : 8 CONTRACTOR

  • All government contractor can enjoy the extension period Maximum 6 months for completion of work. construction work or any pending works

STEP : 9 TAXATION

  • Rate of TDS and TCS has been reduced 25%
  • it shall apply to all service , payment, brokerage,
  • it shall apply next immediate day
  • all pending income tax refund shall be now released swiftly
  • proprietorship, Partnership firm, LLP ( limited liability of partnership)
  • co-operative society shall included
  • due date of fill income ta return for assessment year 19-20 extended 30 november 2020.
  • Due date of tax Audit also extended to 31 october 2020
20lakh crore atam nirbhar bharat package

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