New Delhi, (Asian independent) Finance and Corporate Affairs Minister Nirmala Sitharaman on Monday said that the Covid Emergency Credit Facility announced as part of the Aatma Nirbhar Bharat Package covers all companies and not just MSMEs.
The clarification assumes importance as the Covid-19 pandemic has impacted all businesses and everyone is looking at special liquidity window from the government to stay afloat in these difficult times.
Addressing the FICCI National Executive Committee members, Sitharaman assured the industry of all possible government support with the intent of supporting Indian business and reviving the economy.
“We are committed to support/intervene if any of your members have a problem,” she said.
On the question of liquidity, the Finance Minister said: “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 also said that every government department has been told to clear dues and if there is any issue with any department, the government will look into it.
The Finance Minister also said that the Government will consider an extension in the deadline for availing the 15 per cent corporate tax rate on new investments.
“I will see what can be done. We want industry to benefit from the 15 per cent corporate tax rate on new investments and I take your point for considering an extension in the deadline of March 31, 2023,” she said.
Sitharaman also suggested that the industry submit their recommendations related to the Ministry of Corporate Affairs or SEBI deadlines so that necessary steps could be taken.
With regard to the need for reduction in GST rates in the badly affected sectors, She said: “GST rate reduction will go to the Council. But the Council is also looking for revenue. The decision for reduction in rate for any sector has to be taken by the Council.”
Finance and Revenue Secretary Ajay Bhushan Pandey informed FICCI members that Income Tax Refund to the corporates have also started and I-T refunds to the tune of Rs 35,000 crore have been issued in the last few weeks.
The meeting was also attended by Economic Affairs Secretary Tarun Bajaj, Corporate Affairs Secretary Rajesh Verma and Department of Financial Services Secretary Debasish Panda.
FICCI President Sangita Reddy informed the Finance Minister that the chamber is in constant touch with different government departments to support the implementation of the measures announced to deal with the Covid-19 impact. “FICCI is committed to the common goal of Aatma Nirbhar Bharat and working with the government in enhancing implementation,” Reddy added.