The Finance Minister said the government will consider an extension in the deadline for availing the 15 percent corporate tax rate on new investments

Union Minister for Finance and Corporate Affairs Nirmala Sitharaman said the COVID Emergency Credit Facility covers all companies and not just MSMEs. She said this while addressing the FICCI National Executive Committee members on Monday.

“We are committed to support and intervene if any of your members have a problem,” she said assuring the industry that the government will stand with it in reviving the economy.

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 said the government will consider an extension in the deadline for availing the 15 percent corporate tax rate on new investments.

“I will see what can be done. We want industry to benefit from the 15 percent corporate tax rate on new investments and I take your point for considering an extension in the deadline of 31st March, 2023,” Sitharaman 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.

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 the Secretary Expenditure T V Somanathan , Economic Affairs Secretary Tarun Bajaj, Corporate Affairs Secretary Rajesh Verma , Department of Financial Services Secretary Debasish Panda and Chief Economic Advisor Dr K V Subramanian.