Bulletins from Nirmala Sitharaman press conference- in view of COVID 19 chaos

Finance Minister Smt. Nirmala Sitharaman, contemplating the present state of affairs within the nation on coronavirus outbreak, briefed the media through Video conferencing. The convention was held particularly to make some bulletins on Statutory and compliance issues because the monetary 12 months involves an finish. The foremost focus was on giving reduction in varied compliance norms, reduction in GST, reduction in income tax and many others. What had been the bulletins, let’s have look:

Extension of Due dates and different reduction in compliance norms and measures introduced in FM speech amidst Covid 19 chaos:

1. Income Tax Compliance Aid Measures

  • Deadline for filing Income tax return fiiling for FY 18-19 prolonged from 31st March 2020 to 30th June 2020
  • Linking of PAN with Aadhar prolonged from 31st March 2020 to 30th June 2020
  • Vivad Se Vishwas Scheme due date prolonged from 31st March 2020 to 30th June 2020
  • Rate of interest lowered on delayed deposit of TDS to 9% pa. until 30/06/2020 from 18% p.a.
  • Due date of doing investments underneath part 80C and many others and chapter Vi-A prolonged to 30th June 2020.
  • Due date of investing underneath part 54EC stands prolonged to 30th June 2020.
  • Due date for subject of discover, intimation, enchantment, furnishing of returns, reviews and every other paperwork/compliance by the taxpayer together with funding in financial savings funding or roll-over capital good points profit or Wealth Tax Act or Benami Act or Black Cash Act or STT Legislation or CTT Legislation or Equalisation Levy the place the time restrict expired on 20th March 2020 might be 30th June 2020.

2. GST Compliance Aid Measures:

  • Date for choosing composition scheme prolonged to 30th June 2020
  • Final date for filing GST returns for the month of march, april and will 2020 prolonged to 30th June 2020 as per staggered return filing due dates for states
  • No late price or penalty might be charged for corporations with a turnover Rs 5 crore or decrease that file GST late
  • These with a turnover of greater than Rs 5 crore, pays a lowered rate of interest of 9 p.c
  • Sabka Vishvas Scheme prolonged until 30th June 2020 with no curiosity payable for late cost.
  • FM Sitharaman Additionally introduced that Throughout the interval of lock-down, customs clearance until 30th June 2020 will function 24 x 7 with none disruption.

Here’s a desk exhibiting all of the necessary GST due dates that has been prolonged:

3. Aid for exporters / Importers

  • Sabka vishwas scheme is prolonged to 30th june 2020

4.MCA/ROC Compliance Aid for corporates

  • In respect of MCA registry, there’s moratorium issued efficient from 1st April 2020 to 30th September 2020. There wouldn’t be any further filing charges
  • CARO 2020 applicability shifted to be efficient from 12 months 2020-21 and never from 2019-20.
  • Graduation of enterprise form INC 20A due date prolonged for additional 6 months
  • Necessary board conferences necessities relaxed for 60 additional days
  • The FM additionally introduced that the applicability of corporations’ auditor’s report order 2020 which was supposed to return into pressure for FY20 will now solely be efficient from FY21.
  • Extra 6 months time to file declaration for graduation of enterprise for newly included corporations. Requirement to create deposit reserve of 20 p.c of deposits by April can now even be complied with by June 30, 2020, she famous.
  • If there no Director in an organization who doesn’t adjust to minimal residence requirement (182 days or extra), this was earlier handled as a violation. This violation is now eliminated.

5. Commerce Associated Aid

  • Debit card holders can withdraw money from any financial institution freed from cost for subsequent three months.

6. Banking associated compliance reduction measures

  • No minimal steadiness necessities for subsequent three months
  • Costs for digital trades lowered
  • There might be no minimal steadiness requirement price imposed by banks and financial institution expenses might be lowered for digital transactions.

7. Aid to MSMSe in case of Insolvency and Chapter:

  • The brink for default classification underneath Insolvency and Chapter is elevated from Rs.1 lakh to 1 Crores on a right away bases  to stop utilization of the IBC Act towards MSMEs
  • Additional FM Sitharaman mentioned that If COVID-19 state of affairs continues after 30 April, 2020, varied provisions of IBC can be suspended by the Authorities to guard companies.

Additionally see how MCA has determined to provide reduction to corporations and LLP- Introduces Companies Fresh Start scheme 2020 and Revised LLP settlement Scheme, 2020

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