Finance minister Nirmala Sitharaman unveils mega economic stimulus package (File photo: ANI)
NEW DELHI: Finance minister Nirmala Sitharaman on Wednesday unveiled the details of the mega economic stimulus package aimed at uplifting the economy battered by the ongoing nationwide lockdown to combat the spread of the novel coronavirus.
In a big push to revive the economy, PM Modi announced a Rs 20 lakh crore package while addressing the nation on the coronavirus situation. The package combines the government’s recent announcements on supporting key sectors as also measures rolled out by the Reserve Bank of India (RBI).
Here are the key points of Sitharaman’s address:
With effect from May 14 till March 31, 2021, TDS/TCS (tax deducted at source/tax collected at source) has been reduced by 25% of the existing rate and is applicable to all payments. It will release Rs 50,000 crore in the hands of the people instead of paying them as taxes.
Due date of all