3-month relief for filing I-T, GST returns

Tribune News Service

New Delhi, March 24

The government today suspended debit card withdrawal charges, waived minimum bank balance requirement and postponed the last date for filing income tax and GST returns till June 30.

Making the announcement via video-conferencing with her Minister of State Anurag Thakur, Union Finance Minister Nirmala Sitharaman said an economic resuscitation and stimulus package would be announced very soon.

She said regulators and her ministry were monitoring developments and volatility in stock markets in the wake of Covid-19 pandemic.

Though the Covid Economic Task Force announced by PM Modi on March 22 was yet to be constituted, Sitharaman said separate sub-groups comprising parliamentarians with an interest in finance, academics, industrialists and officials were working on a package for the economically vulnerable and the industry.

The relaxations announced today covered five areas: Direct taxes, indirect taxes, financial services, corporate governance and fisheries.

The last date for filing income tax returns for 2018-19, linking of Aadhaar with PAN and Vivad Se Vishwas scheme has been extended to June 30. The last date for investments in saving instruments has also been extended. The necessary circulars and legislative amendments are yet to be issued.

In case of indirect taxes, no penalty will be imposed if MSMEs delay filing GSTR-3B due for March, April and May 2020 by the last week of June. Companies with a turnover of above Rs 5 crore will be charged 9 per cent interest for the delay. The payment date for the Sabka Vishwas scheme has also been extended to June 30.

In corporate governance, the requirement of holding board meetings has been extended by 60 days and the minimum residency norm waived for company directors.

The government has also raised the threshold of default under the Insolvency and Bankruptcy Code (IBC) to Rs 1 crore. “This will by and large prevent triggering of insolvency proceedings against MSMEs,” Sitharaman said.

“If the current situation continues beyond April 30, we may consider suspending Sections 7, 9 and 10 of the IBC for six months,” she said. In fisheries, a delay of one month in the arrival of inputs will be condoned.

ATM withdrawals free

• Fee for withdrawals from ATMs of other banks suspended
• Minimum bank balance requirement waived
• Last date for investments in saving instruments extended
• Date for Aadhaar-PAN linking, Vivad Se Vishwas plan relaxed

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