Assuring citizens that a financial relief plan for those affected by coronavirus disruptions is under way, the finance ministry has come up with relief around statutory and regulatory compliance as the financial year comes to an end, Sitharaman said.
The ministry will announce compliance and regulation in the following order:
Other due date: Issue of notice intimation, notification, approval order, sanction order, filing of appeal, furnishing of returns, return statement, applications, reports, any other documents, any compliance by taxpayer, incl. investment in savings instruments, for rollover benefits under I-T Act, Wealth Tax Act, Prohibition of Benami Transactions Act, Black Money Act, STT Law, CTT Law, Equalisation Levy Law, Vivad Se Vishwas Law – where time limit was limit was expiring March 20 now extended to June 30.
Last date for filing March, April and May 2020 GST returns and compensation returns extended to June 30, 2020.
No late fee or penalty will be charged for companies with a turnover Rs 5 crore or lower that file GST late. Those with a turnover of more than Rs 5 crore, will pay a reduced interest rate of 9 percent.
Due date to complete pending payments of central and excise duties have been extended to June 30, 2020, without any interest or late fee charge.
During the period of lockdown we do not want to any exporter to face any difficulty, customs will do their duty 24*7.
As most people work from home during the lockdown period, companies and board that do not hold even one meeting with their independent directors will not be held under violation of rules, Sitharaman said.
Other Highlights:
In order to prevent triggering of IBC proceedings for medium and small enterprises, the default threshold limit is being increased to Rs 1 crore from the previous Rs 1 lakh, Sitharaman said.
The ministry may consider suspending Section 7, Section 9 and Section 10 of the IBC, for a period of 6 months, if the situation continues in a similar manner.
All sanitary export permits which were to expire between April 1 and April 15, are being extended by three more months.
The delay of arrival of assignments up to one month, will be overlooked.
Rebooking of quarantined cubicles in Chennai’s aquarium, for cancelled assignments will not lead to additional booking charges.
These changes and provisions have been made keeping in mind that citizens need to, and should, stay indoors unless it is absolutely necessary to venture out, the Finance Ministry said.
Nirmala Sitharman, Finance Minister said
Every attention is being given to the economy. The prime minister himself is closely watching the situation. A multi layered – including MPs, experts, industry participants etc. – task force is working and analysing all suggestions and developments. An economic package is being worked out. Sooner, we will come out with that.
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