Union Finance Minister Nirmala Sitharaman will address the media again on Thursday at 4 pm in the second phase of announcements on government’s Rs 20 lakh crore package. This comes a day after she held a press conference and shared details of the stimulus package on Wednesday.
On Wednesday, the finance minister said that, over the next few days her team will come before the media to put forth PM’s vision and share more details on the economic package.
Sitharaman on Wednesday announced a slew of measures under the economic package that she said would infuse vigour in the economy and benefit various economic sectors.
TDS, TCS rate for non-salaried payments for period up to March 31, 2021 has been cut by 25%. The move will release Rs 50,000 crore, she said. The finance minister announced that the due date for all income tax returns has been extended to November 30.
In order to provide more take home salary for employees and to give relief to employers in payment of Provident Fund, Employees’ Provident Fund Organisation (EPF) contribution is being reduced for businesses and workers for 3 months, amounting to liquidity support of Rs 6,750 crores, the finance minister announced.
“Definition of MSMEs has been revised, investment limit to be revised upwards, additional criteria of turnover also being introduced,” the finance minister stated.
The finance minister reiterated the importance of “self-reliant India” (Atmanirbhar Bharat) in her address on Wednesday. She said the announcement of the Rs 20 lakh crore economic package for ‘Atmanirbhar Bharat’ is to spur growth in the country.
