- Nirmala Sitharaman in a video press conference announced a set of measures to boost the economy
- Huge task force working on to bring economic relief package and government will come up with the package soon
- Allayed the claims of financial emergency in the nation
Amid the outbreak of COVID19 in India, The Union Finance & Corporate Affairs Minister Nirmala Sitharaman on 24th March allayed the claims of financial emergency in the nation and assured that there is a huge task force working on to bring economic relief package and government will come up with the package soon.
Sitharaman in a video press conference also announced a set of measures to boost the economy, including extending tax deadlines, easing business rules, and waiving off bank charges and other measures related to Customs & Central Excise, Corporate Affairs, Insolvency & Bankruptcy Code (IBC) Fisheries, Banking Sector, and Commerce.
Major Announcement is as follows:-
- For FY2018-19 the last date for filing income tax is extended the last date for income tax returns from 31st March 2020 to 30th June 2020
- Deadlines for linking Aadhaar-PAN is extended from 31st March 2020 to 30th June 2020
- Vivaad se Vishwaas scheme extended to 30th June with no additional payment of 10% to be paid
- For the delayed deposit of TDS, interest has been reduced to 9 % from 18%
- The date for filing GST returns for March, April, May 2020 is extended to 30th June 2020
- For companies with a turnover of more than 5 crores, no late fee and penalty will be charged on late GST return filing and the interest rate was reduced to 9% from 12%
- Relaxations for 3 months for financial services are- Free cash withdrawal for withdrawing cash from any other banks’ ATM, waiver of minimum balance fee and reduced bank charges for digital trade transactions for all trade finance consumers
- The threshold of default under section 4 of the insolvency and Bankruptcy Code(IBC) 2016 to 1 crore from the existing threshold of 1 lakh to prevent triggering of insolvency proceedings against MSMEs
- 24X7 Custom clearance till the end of 30th June 2020
- Board meeting rules under Companies Act, 2013 are relaxed for 60 days
