New Delhi: Finance Minister Nirmala Sitharaman announced Tuesday a slew of economic measures to counter the challenges posed by the pandemic coronavirus. Here are the highlights of the announcements made by her.
Last date for income tax returns for 2018-19 extended from March 31 to June 30
Last date for Aadhaar-PAN linking advanced to June 30 instead of March 31
No additional 10% payment for ‘Vivad se Vishwas’ scheme if payment by June
Payments for delayed advanced tax, TDS, etc, at reduced interest rate of 9%
No interest, late fee and penalty to be charged
Companies with turnover more than Rs 5 crore can file returns by last week of June
On delay of 15 days, the same would attract reduced rate of interest 9% as against 18% now
Date for filing GST annual returns of 2018-19 extended till the last week of June
Necessary legislative amendments to give effect to these will be with approval of GST Council
24×7 custom clearance till the end of June 30
Debit card holders can withdraw from any other banks’ ATM free till June
Waiver of minimum balance fee by banks
Reduced bank charges for digital trade transactions for trade finance customers
Threshold limit for referring a default case for insolvency enhanced to Rupees one crore
Non-compliance of minimum residency not to be treated as a violation for 2019-20
Commerce ministry to extend timelines for various compliances
Exporters relieved
Meanwhile reacting to the announcements made by the finance minister exporters said Tuesday that these will ease operational problems of taxpayers.
Federation of Indian Export Organisations (FIEO) president Sharad Kumar Saraf said the announcements are pragmatic and ‘will ease the operational problem of taxpayers’. On the deadline extension of tax dispute settlement schemes till June 30, he said this will give assesses more time to avail it as lockdown is imposing a big challenge to avail it by March 31.
Trade Promotion Council of India (TPCI) chairman Mohit Singla said the announcements will be a big breather to the industry, which was facing headwinds and moving towards a grinding halt situation.
“Most assuring is the fact that the government is holding hands in this extraordinary time and is doing all it can to shoulder the burden and cushion the stress points for small and big business amid the COVID-19 crisis,” said Singla.
PTI