India

Newsflash on Covid19 Fiscal and Tax Benefits Control Tracker - Version 2

In view of the on-going economic crisis caused by Covid19 pandemic, the Government and the authorities of India has been announcing fiscal and tax reliefs to businesses and individuals on regular basis. On 12 May 2020, the Hon’ble Prime Minister announced a Rs 20-lakh-crore stimulus package (including the package earlier announced), equivalent to about 10% of India’s GDP, aimed at making the country self-reliant and reviving the stalled economy. The detailed benefits under ‘Self-Reliant Mission’ or ‘Atmanirbhar Bharat Abhiyaan’, are being announced by Hon’ble Finance Minister in tranches. The Hon’ble Finance Minister had two press conferences in last 2 days where such benefits under categories such as MSMEs, NBFCs/HFCs/MFIs, agriculture, direct tax, etc. have been announced.

In order to enable businesses to take note of the benefits announced and avail the same, RSM had come out with ‘Covid19 Fiscal & Tax Benefits Control Tracker’ in last week of April 2020 to include the key benefits / relaxations (announced as on 27 April 2020) in a single tracker (refer trail mail). We are now pleased to share with you Covid19 Fiscal & Tax Benefits Control Tracker (Version 2 – 14 May 2020) covering such benefits announced till 14 May 2020.   

We look to have real-time update of the tracker and shall share subsequent versions of the tracker in coming weeks based on further announcements of benefits.

This tracker shall serve as a critical tool covering all benefits in a single window, category-wise and impact-wise, which will certainly assist the businesses to gain knowledge about the various benefits as well as understand and implement the same. In case of any assistance, you may reach out to your point of contact in RSM which can guide you and assist you in understanding and implementing any of the benefits mentioned in the tracker. We also have a team of 'Subject Matter Experts (SMEs) - Covid19 Benefits' to assist you in respect of any matters pertaining to benefits announced pursuant to Covid19.

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