Coronavirus: Key highlights of FM's announcements on ITR, GST, banking and others

Mar 24, 2020 3:37 PM

Newspapers carry tremendous credibility, appreciates media’s contribution in tackling Covid-19: PM Modi##Newspapers carry tremendous credibility, appreciates media’s contribution in tackling Covid-19: PM Modi

Prime Minister Narendra Modi has said newspapers carry tremendous credibility and has asked them to act as a link between government and people and provide continuous feedback, at both national and regional level, on issue of the COVID-19 situation. He also appreciated the media’s contribution in tackling the COVID-19 situation. “Underlining that it is imperative to keep the fighting spirit of the people up; PM emphasized that it was important to tackle the spread of pessimism, negativity and rumour mongering. Citizens need to be assured that the government is committed to countering the impact of COVID-19,” the Prime Minister’s Office said in a statement.

Mar 24, 2020 3:28 PM

Closely monitoring volatility in stock market, in contact with regulators three times a day: FM##Closely monitoring volatility in stock market, in contact with regulators three times a day: FM

Mar 24, 2020 3:19 PM

Relief for Fisheries:##Relief for Fisheries:

- All sanitary import permits for the input of shrimp root stocks which were to be expired between April 1 to 15 extended by 3 more months

- Delay of up to 1 month in the arrival of consignment for fisheries will be overlooked

- Verification of documents and grant of NOC for quarantine will be relaxed from 7 to 3 days for fisheries

Mar 24, 2020 3:14 PM

FM relief on banking##FM relief on banking

Debit card holders can withdraw from ATMs free of cost for 3 months, the FM announced. She also said that there will be no minimum balance requirement fee imposed by banks and bank charges will be reduced for digital transactions.

Mar 24, 2020 3:08 PM

Moratorium to be issued on MCA-21 registration from April 1-September 30, says FM##Moratorium to be issued on MCA-21 registration from April 1-September 30, says FM

Mar 24, 2020 3:02 PM

Relief for MSMEs##Relief for MSMEs

"Raising the threshold for default under IBC to Rs 1 crore may consider IBC sections 7, Section 9 and section 10 of IBC for 6 months if the economic situation becomes worse. This will prevent cos being forced into IBC for default if situation worsens."

Mar 24, 2020 3:01 PM

Relaxing board meetings by 60 days for next two quarters: FM##Relaxing board meetings by 60 days for next two quarters:FM

The FM also announced that the applicability of companies' auditor's report order 2020 which was supposed to come into force for FY20 will now only be effective from FY21. For FY20, if independent directors have not been able to hold even one meeting, it will not be seen as a violation, she added.

Additional 6 months time to file declaration for commencement of business for newly incorporated companies. Requirement to create deposit reserve of 20 percent of deposits by April can now also be complied with by June 30, 2020, she noted.

Mar 24, 2020 2:55 PM

Relief for GST filing amid COVID-19 outbreak##Relief for GST filing amid COVID-19 outbreak

- Last date for filing March, April, May GST Returns & Composition Returns extended till 30 June 2020

- Different staggering dates will be applicable for GST filing for March, April and May

- For companies with a turnover of over Rs 5 crore, no late fee or penalty but Interest will be charged at a reduced rate of 9 percent for late GST filing

- Penalty reduced to 5 percent interest on late filing of GST returns beyond 15 days (for companies up to Rs 5 cr turnover)

- Irrespective of amount under dispute, no interest to be charged for late filing under Sabka Vishwas scheme

- We do not want to put any exporters or importers during these difficult times

- Customs clearance will operate 24X7 up to June 30, 2020, to help exporters and importers

Mar 24, 2020 2:49 PM

MARKET UPDATE: Sensex, Nifty surge over 4% as FM announce relief measure amid COVID-19 outbreak##MARKET UPDATE: Sensex, Nifty surge over 4% as FM announce relief measure amid COVID-19 outbreak

The Indian benchmark indices, Sensex and Nifty, gained more than 4 percent after the Finance Minister Nirmala Sitharaman announced that the government is very close to coming up with an economic package. The minister announced extension of income tax return filing date for FY19 among other measures. Sensex gained 1172.75 points or 4.51 percent to 27,153.99 and the Nifty rallied 318.60 points or 4.19 percent to 7,928.85. Nifty IT index continued to post the highest gains, surged over 7 percent. Britannia and Infosys were Nifty50 top gainers, up 10 percent while IndusInd Bank remained the index top loser, down 7 percent in trade.

Mar 24, 2020 2:45 PM

Government says no move to impose financial emergency as was claimed by some reports, FM clarified##Government says no move to impose financial emergency as was claimed by some reports, FM clarified

Mar 24, 2020 2:41 PM

Last date for filing March, April and May GST returns extended to June 30: FM##Last date for filing March, April and May GST returns extended to June 30: FM

Mar 24, 2020 2:40 PM

Some more relief measures announced by FM due to COVID-19 outbreak##Some more relief measures announced by FM due to COVID-19 outbreak

All compliances under Income Tax Act, Wealth Tax Act, Benami Transaction Act, Black Money Act, Vivaad se Vishwaas, have been extended to June 30, 2020, the FM announced. Due date for issue of notice for all laws linked to duty compliance also extended till June 30.

Mar 24, 2020 2:37 PM

For delayed deposit of TDS, interest has been reduced to 9 percent from 18 percent, FM announced##For delayed deposit of TDS, interest has been reduced to 9 percent from 18 percent, FM announced

Mar 24, 2020 2:34 PM

Aadhaar-PAN linking date extended to June 30: FM##Aadhaar-PAN linking date extended to June 30: FM

Mar 24, 2020 2:31 PM

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