We are close to coming up with economic package which will be announced sooner than later: FM @nsitharaman begins her press conference
Today, we have come up with a comprehensive announcement for relief in statutory and compliance regulations: FM #Covid19India #COVID19outbreak
Announcements on:
Compliance and regulation related to income tax-related matters
Compliance and deadlines related to the GST
Customs and central excise related
Compliance and regulations under the MCA
IBC-related matters and bank-related compliances
Fisheries
Commerce
FM says
Last date for income tax return for FY 2018-19 extended to 30 June, 2020
Delayed payments till 30 June, interest rate reduced from 12% to 9%
No extension but on the delayed deposit of TDS. Only reduced interest of 9% will be charged on delayed deposit till June 30, 2020. Current prevailing interest rate is 18%: FM
Aadhaar-PAN linking date to be extended to June 30, 2020. Last date was March 31, 2020: FM
Vivad se Vishwas scheme extended to June 30, 2020. From now to June 30, 2020, no 10% additional charge at all. Earlier, post 31st March till June-end, we had said you pay additional 10%. This wont be charged now: FM
No move to impose financial emergency as was claimed by some reports: FM
Last date for filing March, April and May 2020 GST returns and also, composition returns - all are being extended to June 30, 2020: FM @nsitharaman #COVID19outbreak #CoronavirusLockdown
Companies with less than Rs 5 crore turnover - no interest, no late fee and penalty to be charged
For bigger companies - no late fee and penalty but interest at a reduced rate of 9% thereafter will be charged: FM
Date for opting for composition scheme extended to June 30: FM
Sabka Vishwas scheme for settling disputes in indirect tax regime had a last date of March 31, 2020. Now, we are extending the scheme to June 30, 2020 and during this period, people who are going to pay will not have interest levied on them if they pay till June 30, 2020: FM
During this period, although there is lockdown, we dont want to put exporter and importer in difficulty as many raw material is coming and going. Therefore, customs clearance till June 30, 2020 will operate 24*7 as an essential service: FM #coronaupdatesindia
In respect of the MCA-21 registry, there is a moratorium being from April 1 till Sept 30. There shall not be any additional fees for late filing.There is a mandatory requirement for holding board meetings. Relaxing it for a period of 60 days - till the next two quarters: FM
For the year 2019-20, if independent directors of company are not able to hold even one meeting the same shall not be a violation: FM
Company director in each company who does not comply with minimum residency in India requirement of 182 days under the Companies Act was treated as a violation. It won't be treated as a violation: FM
There is a requirement to invest 15% of debentures maturing in particular year in specified instruments before 30 April 2020. Now, that can be done by 30 June 2020: FM
Additional time of six months for newly incorporated firms to file declaration for commencement of business: FM
BIG: Existing threshold of Rs 1 lakh for default to be hiked to Rs 1 crore so that we can prevent triggering of insolvency proceedings for MSMEs: FM
ANOTHER BIG MOVE - We will observe and if the situation continues to be same as today till April 30, 2020, we may consider suspending Section 7, 9 and 10 of the IBC Act for 6 months so that companies can be stopped for being forced into insolvency proceedings: FM @nsitharaman
IMPORTANT NEWS FOR BANK CUSTOMERS -
Debit card holders who withdraw cash from any bank ATM can do it free of charge for the next 3 months: FM
No minimum balance requirement fee for bank customers. Bank charges will reduce for digital trade transactions: FM
Every attention is given to the economy. The Prime Minister is closely monitoring the situation. Multi-layered composition of task force is already working. It means that a sub-group of industry leaders, MPs, academics, etc are already giving us input and analysed: FM
The FM repeats. "Economic package being worked out and we will come out with an announcement sooner. We want to ease burden on compliance for citizens as a part of today's announcements."
We are closely monitoring the stock markets: FM
On the issues on credit crunch and NPA relaxations, I would urge you to hold on, we will come back to you separately: FM says hinting there may be relief in the works to the banking system. #coronaupdatesindia
Discussions are taking place with the RBI and banks on NPA. In the context of coronavirus, we are discussing not just NPAs but also other issues with the regulators: FM
On universal basic income and deferred EMI loans, you will get to know when we have something to say on it. A lot of inputs have come. Such demands have been coming from various sections: FM
Extension of tax deadlines has to be done because people should not have any worry. It will be too much of a demand on their time during this lockdown. They have to ensure safety of their families, too. Even an honest taxpayer needs this relief: FM
Our focus is on the citizens and their reliefs and therefore, I would not talk about (postponing) disinvestment plans now: FM
The press conference finally comes to an end.
BYE!
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