The Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman today said that the COVID emergency credit facility covers all companies and not just MSMEs.
Addressing the National Executive Committee members of the industry chamber FICCI on Monday, Sitharaman 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 and intervene if any of your members have a problem.”
On the question of liquidity, the finance minister said, “We have fairly clearly addressed the issue of liquidity. There is the availability of liquidity. We will look into it if there are still issues.” Sitharaman also said that every government department has been asked to clear dues and if there is an 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 the 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.
The Finance minister suggested the industry to submit their recommendations related to the ministry of corporate affairs or SEBI deadlines so that necessary steps could be taken.
About the need for a reduction in GST rates in the worst affected sectors, she said, “GST rate reduction will go to the (GST) council. But the council is also looking for revenue. The decision for the reduction in rate for any sector has to be taken by the council.”
Secretary Finance & Revenue, Ajay Bhushan Pandey informed FICCI members that income tax refunds to the corporates had started and reimbursements to the tune of Rs 350 billion were issued in the last few weeks.
FICCI President Dr. Sangita Reddy informed the finance minister that the chamber was 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 Atmanirbhar Bharat and working with the government in enhancing implementation,” Dr. Reddy added.