Financial assistance towards MSMEs

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..... Financial assistance towards MSMEs
By: - CSLalit Rajput
Corporate Laws / IBC / SEBI
Dated:- 31-7-2021

Government has taken a number initiatives for providing financial assistance to the Micro, Small and Medium Enterprises (MSMEs) to cope with the financial impact of the COVID-19 pandemic which inter-alia include measures such as : * ₹ 20,000 crore Subordinate Debt for MSMEs .....

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..... , * ₹ 4.5 lakh crore Collateral free Automatic Loans under Emergency Credit Line Guarantee Scheme (ECLGS) for businesses, including MSMEs. * ₹ 50,000 crore equity infusion through MSME Fund of Funds * ₹ 15,000 crore Special Refinancing Facility for Small Industries Development Bank of India (SIDBI) from RBI as a specific response to COVID-19 for on lending/refinancing purpo .....

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..... ses * Credit Guarantee Scheme to facilitate loans to 25 lakh persons through Micro Finance Institutions, * ₹ 30,000 crore Special Liquidity Scheme for NBFCs/HFC/MFIs, * ₹ 90,000 crore partial Credit Guarantee Scheme 2.0 for Liabilities of NBFCs/MFIs. In view of the challenges faced by taxpayers due to the outbreak of Novel Corona Virus (COVID-19), the Government of India has tak .....

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..... en several taxation related measures for the industries including MSMEs which inter-alia include measures such as :- * extension of various time limits for compliances and statutory actions under the taxation laws * extension of date for filing declaration under the Direct Tax Vivad se Vishwas Act 2020 * issuance of corporate tax refunds, * extension of the date of incorporation of eligibl .....

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..... e start up for claiming deduction under the relevant provisions of income tax act, * extending the date for making various investment/payment for claiming deduction under Chapter VIA-B of the Income Tax Act * Concessional rates of interest in lieu of the normal rate of interest of 18% per annum for delayed tax payments.
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..... onals .....

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