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India's COVID Emergency Credit Facility not just for MSMEs

09
Jun '20
Pic: Shutterstock
Pic: Shutterstock
The COVID Emergency Credit Facility covers all companies and not just micro, small and medium enterprises, Indian minister for finance and corporate affairs Nirmala Sitharaman recently clarified. Addressing the national executive committee members of the Federation of Indian Chambers of Commerce & Industry (FICCI), she assured the industry of all possible government support.

“We have fairly clearly addressed the issue of liquidity. There is definitely the availability of the liquidity. We will look into it if there are still issues.” She was quoted as saying by an official release.

Every government department has been told to clear dues of private companies, she said.

The government will consider extending the deadline for availing the 15 per cent corporate tax rate on new investments till March 31, 2023, she said.

She urged the industry to submit recommendations related to the ministry of corporate affairs or Security and Exchange Board of India deadlines so that necessary steps could be taken.

Finance and revenue secretary Ajay Bhushan Pandey told FICCI members that income tax refund to companies has started and refunds to the tune of ₹35,000 crore have been issued in the last few weeks.

Fibre2Fashion News Desk (DS)


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