Home Press Releases COVID Emergency Credit Facility Covers All Companies Not Just MSMEs: Finance Minister

COVID Emergency Credit Facility Covers All Companies Not Just MSMEs: Finance Minister

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Union Finance Minister Nirmala Sitharaman has clarified that the COVID Emergency Credit Facility announced as part of the Aatma Nirbhar Bharat Package covers all companies and not just Micro, Small and Medium Enterprises (MSMEs).

Addressing the FICCI National Executive Committee members , the Finance Minister assured the industry of all possible Government support with the intent of supporting Indian business and reviving the economy and said, “We are committed to support/intervene if any of your members have a problem”.

She further added that the government has taken adequate measures to address the liquidity issue and assured every possible support to factor out remaining concerns. Ms. Sitharaman said that every Government department has been told to clear the 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% corporate tax rate on new investments. “I will see what can be done. We want industry to benefit from the 15% corporate tax rate on new investments and I take your point for considering an extension in the deadline of 31st March, 2023,” Smt Sitharaman said.

With regard to the need for a reduction in GST rates in the worst affected sectors, She said, “GST rate reduction will go to the Council. But the council is also looking for revenue. The decision for a reduction in rate for any sector has to be taken by the Council”.

On June 1, the Centre had cleared Rs 3 lakh crore collateral-free and government-guaranteed loans for MSMEs, traders, Mudra borrowers and other eligible firms.

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