GST, ITR filing, Aadhaar-PAN linking deadlines extended: Nirmala Sitharaman(Union Finance Minister) today addressed a press conference on various statutory and regulatory compliance issues amid a complete shutdown almost all over the country to control the spread of the highly contagious coronavirus or Covid-19 infection.
The finance ministry is already working on an economic package to mitigate the impact of coronavirus on the Indian economy. Prime Minister Narendra Modi has also announced setting up of a task force, to be headed by Sitharaman, to look at measures to limit economic hardship caused by the COVID-19 pandemic.
Union Finance Minister Nirmala Sitharaman during her address to the media via video conferencing also said that Reduced interest of 9%, instead of 18%, will be charged for delayed deposit of TDS.
Also, Companies with turnover of over ₹5cr not to be charged a late fee, penalty on late GST return filing, says Sitharaman.
Giving relief to citizens unable to meet deadlines due to coronavirus outbreak, Finance Minister Nirmala Sitharaman on Tuesday said the last date for filing of the income tax return for FY2018-19 has been extended to June 30.
The Vivad se Vishwas scheme has been extended to June 30, no 10% additional charge on paying principal amount involved in a tax dispute.
Nirmala Sitharaman LIVE Updates: Check the key Points.
- Minimum balance waiver is for three months at the moment: FM
- We are consciously monitoring the stock market thrice in a day: Sitharaman
- All regulators, the RBI and finance ministry working together to keep monitoring volatility in stock markets: FM
- There was a lot of pressure on people to follow the March 31 deadline and so we have extended it: FM
- The Finance Ministry is working on suggestions coming from the task force. The economic package is being worked out. Sooner we shall come with an announcement on that: FM
- Every attention is given to the economy. PM is closely monitoring situation: Sitharaman
- Bank charges reduced for digital trade transaction for all trade finance consumers: Sitharaman
- Go to banks only when it is absolutely required. Do online transactions
- Minimum balance charges waived off for bank accounts: FM
- Debit cardholders who withdraw cash from any ATMs can do it free of charge for 3 months: FM
- IBC Section 7, 9 and 10 may be suspended for six months to stop companies being forced to insolvency: Sitharaman.
- Insolvency and Bankruptcy Code: The existing threshold of ₹1 lakh hiked to ₹1 crore. This is being done to protect MSMEs.
- For a director in any company, less than a minimum residency of 182 days, shall now not be treated as a violation: Sitharaman.
- For newly incorporated companies: 6 more months to file commencement of business report.
- Vivad se Vishwas tax dispute resolution scheme extended by 3 months to June 30. Those availing the scheme by the extended deadline will not have to pay 10 percent interest on the principal amount: Sitharaman.
- -Applicability of Companies Auditors’ Report Order 2020 shifted to 2020-21: FM
- Board meeting rules relaxed for 60 days: FM
- Customs clearance now an essential service, till June 30th, 2020 it will be working 24/7: FM
- For bigger companies, only interest but no late fee and no penalty for GST: FM
- For companies with less than ₹5 crore turnover, no interest, late fee or penalty will be charged: Sitharaman
- Deadline for filing March, April, May GST returns extended to June 30: Sitharaman.
- No move to impose financial emergency as was claimed by some reports: FM
- Vivad Se Vishwas Scheme has been extended from April 1 to June 30. No additional 10% payment: FM
- Aadhaar-PAN linking deadline extended to 30th June: FM
- Delayed deposits of TDS, only reduced interest rate of 9% will be charged on delayed deposits till June 2020. No extension of the deadline.
- FY 2018-19, the last date for income tax returns will be now extended to June 30: Sitharaman.
- For delayed payments, interest rates have been cut.
- Sitharaman to announce on bank-related compliance issues.
- FM to announce relief related to tax return filing.
- We are very close to announcing an economic package: FM
FM begins press briefing through video conferencing.
CII has written to Prime Minister Narendra Modi seeking a fiscal stimulus of 1 percent of the GDP amounting to ₹2 lakh crore to needy citizens through Aadhaar-based direct benefit transfer.
Industry leaders have sought fiscal and monetary stimulus measures urgently to combat the impact of coronavirus on the economy.
Several industry bodies have requested the government to extend the last date for filing of income tax and GST returns.