Circular No. ES/193/2020-21 10th June, 2020
To : Members of the Council
Sub: COVID Emergency Credit Facility covers all companies not just MSMEs: Finance Minister, Ms. Nirmala Sitharaman
Dear Member,
In a Press release dated 8th June, 2020 issued by the Ministry of Finance the Union Finance Minister Ms. Nirmala Sitharaman said that the COVID Emergency Credit Facility covers all companies and not just MSMEs.
Addressing the FICCI National Executive Committee members, the Finance Minister assured the industry of all possible Government support.
On the question of liquidity, she said, the government has taken adequate measures to address the 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.
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".
She informed that the Government will also consider an extension in the deadline for availing the 15 per cent corporate tax rate on new investments.
FICCI President Dr 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.
Members may please make a note of the above.
Thanking you,
Yours faithfully,
S.BALARAJU
EXECUTIVE DIRECTOR
