Rs 20,000 crores Subordinate Debt for Stressed MSMEs

Stressed MSMEs need equity support GoI will facilitate provision of Rs. 20,000 cr as subordinate debt Two lakh MSMEs are likely to benefit Functioning MSMEs which  are  NPA  or  are  stressed  will  be eligible Govt. will provide a support of Rs. 4,000 Cr. to CGTMSE CGTMSE will provide  partial  Credit  Guarantee  support  to  Banks Promoters of the MSME will be given debt by banks, which will then be infused by promoter as equity in the Unit.

CBDT explores 10 ways to FORCE not coerce yet enhance the collection of Taxes to combat loss due to COVID-19 pandemic.

With a view to bring the economy back on track from the Lockdown, which is set to continue till 3rd May unless extended further due to the CORONA pandemic, the CBDT (administrative body of Income Tax) examines 10 ways to accelerate tax collection to support economy. The options were a result of collective suggestion sought and obtained from IRS and field officers referred as “FORCE” which stands for Fiscal Options & Response to the COVID-19 Epidemic The officers smells at higher instances of non-filing of returns, increase in non-deduction of tax deductible at source (TDS)/withholding the deducted tax and cases of under-reporting the tax liabilities through bogus loss claims in future which is likely to impact fiscal collection for 2020-21. They want the relief measures to be restricted to honest compliant taxpayers, especially those filing returns accordingly proposes the following short/medium measures. Reintroduction of the Inheritance Tax What could surprise many, the team has proposed recalling of the inheritance taxes that was abolished way back in 1985. The team backs their suggestion based on the wisdom of some developed counties where it is levied with rates as high as 55 percent. COVID relief cess At present, the government levies a […]