GST, ITR filing, Aadhaar-PAN linking deadlines extended to June 30
The steps come even as the International Monetary Fund stated that the pandemic will cause a global recession in 2020 and will be as bad as the 2008 financial crisis.
In wake of the surging coronavirus cases in the country, Finance Minister Nirmala Sitharaman addressed the media. Sitharaman made some big announcements to revive the economy which has been hit hard by the COVID-19 outbreak in the country.
The International Monetary Fund (IMF) has also warned that the world economy is facing ‘severe’ economic damage from the coronavirus pandemic that could be even more costly than in 2009 and will require an unprecedented response.
Highlights of the address:
Finance Ministry is close to announce the economic package for India Inc.
- The FM said need to address the statutory & compliance regulations which are as follows as of now:
- Income Tax
- FY 2018-19: Last date for return 30 June, 2020, interest rate charged at a reduced rate to 9%
- No extension, but delayed deposit of TDS will have a reduced rate of 9% (earlier 18%)
- Aadhaar-Pan linking extended to June 30, 2020
- Benefits of Vivaad se Vishwas Scheme extended to 30 June, 2020
- All return filling document submission date has been extended to 30 June 2020
- Last Date for filling GST of March Apr May shall be now 30 June, 2020
- Companies less than 5 Crore Turnover will have to pay No Interest, No Penalty on delayed filling
- More than 5 Crore: No Late fee & Penalty, But interest of 9% will be charged, beyond 15 days
- Date for GST Compensation scheme is also extended to 30 June, 2020
- Customs & Central Excise
- Sabka Vishwas scheme timeline shall also be extended
- During this period of lockdown, Custom clearance will operate 24*7 uptill 30 June 2020
- MCA 21 Registry: Moratorium being issue 1st April till 31 September 2020
- Holding board meeting relaxed by period of 60 days till next 2 Quarters
- Applicability of companies auditor’s report order shall be effective only from 2020-21
- 2019-20, If the independent director has not attended a single meeting during this period shall not be treated as a violation of law.
- Newly in-corporate companies, filling declaration of operation/commencement of business extended by 6 more months
- Unlike earlier, the residency for a company director could be less than 180 days residency, shall be treated as no violation of law
- 20% Deposit reserve to be extended to 30 June 2020
- Investment of 15% Debentures date extended to June 30, 2020
- IBC related matters
- The limit for IBC defaulter has been raised from 1 Lakh to 1 Crore
- If the current situation carries beyond 20 April, Section: 7, 9 & 10 of IBC shall be suspended for 6 months
- Compliance related to import permits, Sanitary Import Permits shall be extended by 3 months for any AQUA culture products
- Delay of consignments by one month shall be condoned
- No additional booking charge for Rebooking quarantine cubicles from Aquatic Quarantine Facility
- Verification of documents & NOC for quarantine will be relaxed by 3 days rather 7-10 days
- Bank related
- Debit card holders can withdraw cash for free from any bank ATM for next three months
- Bank minimum balance fee waived
- Reduce bank charges for all digital trade transaction for all trade finance consumers
- Principle for Commerce activities:
From procedural & eligibility point of view extension of timeline will be given to corporates/individuals, modifications to the existing scheme shall be communicated accordingly in the future by the ministry.
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