As the national and global economy is jolted by COVID-19 pandemic and the ‘share market’ is touching new lows the government has stepped in. Finance Minister Nirmala Sitharaman addressed the media via the ‘video conference’ to make the announcements.
From extending the date of Aadhaar-PAN linking from 31st March to the waiver of minimum account charges from savings account the government ensured all the concerns are addressed. Here are the important announcements made in a point-wise manner:
- Economic package to mitigate the impact of coronavirus on the Indian economy to be announced soon.
- The last date for filing March, April, May 2020 GST returns and composition has been extended till June 30, 2020.
- No interest, late fee or penalty for companies with less than ₹5 crore turnover. Bigger companies will pay interest at 9 percent thereafter.
- The last date to link Aadhaar and PAN card numbers has been extended to June 30.
- The last date for the income tax return for the financial year 2018-19 has also been extended to June 30.
- The interest rate for delayed payment has been reduced from 12 % to 9%.
- Interests for delayed deposit of TDS have been reduced to 9% from 18%.
- Raising of default threshold to ₹1 crore from ₹1 lakh for MSMEs under the Insolvency and Bankruptcy Code.
- Additional time of six months to file a declaration for commencement will be given to new businesses.
- Customs clearance has been declared an essential service. It would operate 24/7 till June 30, 2020.
- Roll out of Vivad se Vishwas tax dispute resolution scheme has been extended by three months to June 30.
- Suspension of IBC sections 7,9,10 for MSME for six months beyond April 30 depending on the situation.
- A moratorium is being issued from April 1 till September 30 in respect of the MCA-21 registry. She added that there will not be any additional fees for late filings. The mandatory requirement for holding board meetings has been relaxed for a period of 60 days, applicable for the next 2 quarters.
- The debit cardholders can withdraw cash from any other bank’s ATM free of charge for the next 3 months.
- No minimum balance requirement fee for saving bank accounts.
The Prime Minister would also address the nation tonight at 8:00 P.M. This would be the 2nd time in less than a week that the PM would do an address. His address would be in regard to the vital aspects relating to the menace of COVID-19.