GST returns date extended to 30 June 2020; Here are 10 economic developments you need to know amid Corona chaos
Total Views |
New Delhi, March 24: "The last date for income tax returns for the financial year 2018-19 is extended from 31 March to 30 June", announced FinMin Nirmala Sitharaman on Tuesday while addressing 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 Aadhaar-PAN linking dates extended to 30 June 2020 from what was 31 March 2020.
- The interest rate on delayed deposit of TDS reduced. Sitharaman said, "No extra 10 percent interest will be charged between now and 30 June."
- The last date for filing March, April and May 2020 GST returns is being extended to 30 June 2020.
- No interest, penalty for firms with less than Rs 5 cr turnover. Only interest will be applicable, but no late fee and no penalty for bigger companies.
- Payment under ‘Sabka Vishwas’ scheme, which was for settling disputes in the indirect tax regime, extended to 30 June
REVISED:
— Ministry of Finance (@FinMinIndia) March 24, 2020
Finance Minister Smt. @nsitharaman will address media via video conference at 2PM today.@nsitharamanoffc @PIB_India #IndiaFightsCorona
Watch LIVE here: https://t.co/4aZzmJ09Z5
- In a major relief to imports/exporters, customs clearance will operate 24x7 till 30 June 2020
- Mandatory requirement of holding board meetings relaxed for 60 days. It has been relaxed for the next two quarters
- The applicability of The Companies Auditors’ Report Order 2020, which was supposed to have come into force in 2019-20, has been shift to 2020-21.
- For newly incorporated companies, there is a requirement to file declaration on commencement within six months, which the government is giving an additional six months to file their returns.
Even as we are readying an economic package to help us through the Corona lockdown (on priority, to be announced soon) I will address the media at 2pm today, specifically on statutory and regulatory compliance matters. Via video conference. @FinMinIndia @PIB_India @ANI @PTI_News
— Nirmala Sitharaman (@nsitharaman) March 24, 2020
- If there was a company director who does not comply with the minimum residency requirement, it shall "not be treated as a violation."
- The threshold of default extended to Rs 1 core from existing Rs 1 lakh, in order to prevent insolvency proceedings against MSMEs.
- Debit cardholders who withdraw cash from any bank ATM can do it free of charge, from any other bank’s ATM, for the next three months.
The ministry is already working an economic package to mitigate the impact of coronavirus on the Indian economy, she said 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.