NEW DELHI: Union Finance Minister Nirmala Sitharaman and MoS (Finance & Corporate Affairs) Anurag Thakur on Tuesday addressed a press conference on various statutory and regulatory compliance issues. Giving relief to citizens unable to meet deadlines due to coronavirus outbreak, the Finance Minister said the last date for filing of income tax return for FY2018-19 has been extended to June 30.
Also, interest rate on delayed payment has been cut to 9 per cent from 12 per cent, she told reporters here.
The government has also extended the last date for linking PAN with unique biometric ID Aadhaar to June 30 from March 31.
Giving details of the extension of dates to help citizen cope with the lockdown, she said the Vivad se Vishwas tax dispute resolution scheme has been extended by three months to June 30. Those availing the scheme by the extended deadline will not have to pay 10 per cent interest on the principal amount.
Also, due dates for issuing various notices under the Income Tax Act have also been extended.
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The other Key points include:
1. Work is going on and we are very close to coming up with an economic package that will be announced sooner rather than late, she said.
2. Mandatory requirement of holding board meetings is being relaxed by a period of 60 days, this relaxation is for the next two quarters.
3. The last date for March, April, May 2020 GST returns and Composition returns extended to June 30th, 2020.
For companies with turnover of over Rs 5 cr, no late fee and penalty will be charged on late GST return filing; interest rate reduced to 9%
4. The last date for the income tax return for the financial year 18-19 is extended to 30th June 2020. For delayed payments interest rate has been reduced from 12% to 9%.
5. Sab ka Vishwas indirect tax dispute redressal scheme extended to June 30; no interest on payment made till June 30
6. For newly incorporated companies there is a requirement to file declaration for the commencement of business within 6 months of incorporation. Now the government is giving them an additional time of 6 more months.
7. Customs clearance will operate 24 x 7 up to June 30, 2020 to help exporters & importers
8. The threshold for default under IBC currently Rs 1 lakh. Government is raising the threshold of default to Rs 1 cr to prevent triggering of IBC for MSMEs
9. Finance Minister said that we will watch the situation, but if it continues to be similar beyond April 30th, then we may consider suspending Section 7, 9, 10 of IBC for six months.
10. Delay of up to 1 month in arrival of consignment for fisheries will be overlooked
11. Debit cardholders, who withdraw cash from any bank's ATM can do it free of charge for the next 3 months
12. Relief for imports/exporters: Customs clearance now an essential service, till June 30th, 2020 it will be working 24/7.