Deadline for filing income tax returns for FY20 extended

New Delhi, May 13 (IANS) In a move to provide more scope for Indian companies, including MSMEs, the Centre has decided to disallow gobal firms from participating in government procurement tenders up to Rs 200 crore.

Speaking to the media here on Wednesday, Finance Minister Nirmala Sitharaman noted that Indian MSMEs and other companies have often faced unfair competition from foreign companies.

The decision is in line with the Prime Minister Narendra Modi’s call for a ‘self-reliant’ India and the flagship Make In India initiative.

The move is likely to help MSMEs increase their businesses.

This is one of the six major decisions announced by the Finance Minister on Wednesday to help MSMEs tide over the COVID-19 crisis.

Among other decisions, she announced to widen the definition of MSMEs and raise the investment limit. Another criteria, turnover of the company, has also been added to the required norms for classification of MSMEs.

Sitharaman also announced a collateral-free automatic loan for MSMEs of up to Rs 3 lakh crore, among other liquidity measures.

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