COVID19 Outbreak – Key Announcements by FM Nirmala Sitharaman

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👉 Last date for the Income Tax return for the financial year 2018-19, extended to 30th June 2020.

👉 For delayed payments, interest rate reduced from 12% to 9%.

👉 Aadhar-PAN linking date extended till June 30.

👉 Vivad Se Vishwas Scheme extended till June 30. (From April 1 to June 30, no additional 10% payment)

👉 GST Returns last date for March-May extended to June 30, 2020.

👉 For companies with less than Rs 5 crore turnover, no interest, penalty and late fee to be charged on late GST return filing.

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👉 For companies with turnover of over Rs 5 crore, no late fee and penalty will be charged on late GST return filing; interest rate reduced to 9%.

👉 Customs clearance becomes an essential service, till June 30th, 2020. It will be working 24/7.

👉 For newly incorporated companies, the requirement to file declaration for the commencement of business, extended by an additional time of 6 more months.

👉 There will be a complete waiver of minimum balance requirements for bank accounts.

👉 Free of charge cash withdrawal from any other bank ATM allowed for debit card holders for 3 months.

👉 PM closely monitoring the situation. An Economic Package will be announced soon.

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