Handholding for small units to get on track

Small units and real estate have been the focal points of the blockbuster stimulus fineprint unveiled by Finance Minister Nirmala Sitharaman on Wednesday.

ET gives a lowdown on the new concessions and incentives extended to the two labour intensive sectors.

Non cash measures

• New Definition of MSMEs
• No global tenders up to a limit
• Relief to contractors
• Extension for real estate projects
• Immediate payment of pending direct tax refunds
• Extension of dates for income tax returns
• Vivad se Vishwas scheme

Key features

• Higher investment limits; new turnover criteria.
• No global tenders for govt procurement up to Rs 200 crore
• Covers construction goods and service contracts
• Six month extension with no cost by central agencies
• Release of guarantees to the extent of work done
• Covid to be treated as force majeure
• Six months extension, states can give three more
• Covers most taxpayers other than corporates
• Covers tax filing and audits individual returns till Oct 31
• Payment without additional amount till Dec 31, 2020