Nirmala Sitharaman has also announced that minimum account balance charges and ATM withdrawal charges will be waived for 3 months
Modi government is working on an economic package for industries affected by coronavirus
New Delhi: Union Finance Minister Nirmala Sitharaman today announced various statutory and regulatory compliance relief measures amidst almost complete bandh across the country to control the spread of highly contagious coronavirus or Kovid-19 infection. The deadline for filing of Belled Income Tax Return (ITR) for the financial year 2018-19 has been extended from 31 March to 30 June 2020.
The deadline for filing Goods and Services Tax (GST) returns for March, April and May this year has also been extended to June 30. The government has also increased the last date for linking PAN card to Aadhaar from 31 March to 30 June.
Bank account holders need not worry about maintaining a minimum monthly balance as non-maintenance charges will be waived for three months. ATM withdrawals from any bank’s ATM will also be free for debit cardholders for the next 3 months.
The Finance Ministry is already working on an economic package to reduce the impact of coronavirus on the Indian economy. Prime Minister Narendra Modi has also announced the formation of a task force headed by Sitharaman to look into measures to limit the economic hardship caused by the COVID-19 epidemic.
Announcements of Nirmala Sitharaman:
-Deloit India partner MMS Mani said that the focus will be on resuming business processes when the GST return filing deadline is extended, as well as e-invoicing and commencement of business ahead of time with the announcement of new returns. “Waiver of interest, late fees, and penalties for SMEs will enable them to focus on revitalizing their businesses once they return to normal. The extension of the Sabka Biswas scheme with zero interest till June 30 will be beneficial for businesses that have previous liabilities that have significant accumulated interest liabilities, ”.