Sitharaman announces relief package for coronavirus-hit sectors, extends deadlines for tax and GST filings, Aadhaar-PAN linking
New Delhi | Jagran News Desk: In order to revive the economy that is reeling under the coronavirus outbreak in the country, Finance Minister Nirmala Sitharaman on Tuesday announced a number of steps that the government has decided to take for the economy.
Addressing a press conference with MoD Finance Anurag Thakur, Sitharaman said that the government will also bring an economic bailout package to help the coronavirus-hit sectors.
“Work is going on and we are very close to coming up with an economic package that will be announced sooner rather than later,” Sitharaman said, as quoted by news agency ANI.
Sitharaman also announced that the last date for filing of income tax return for FY2018-19 has been extended to June 30 while adding that nterest rate on delayed payment has been cut to 9 per cent from 12 per cent.
Amid the reeling economic situation in the country, Sitharaman also announced that the government has decided to extend the last date for linking PAN with unique biometric ID Aadhaar to June 30 from March 31.
“The last date for the income tax return for the financial year 18-19 is extended to June 30, 2020. For delayed payments interest rate has been reduced from 12 per cent to 9 per cent,” she said, as quoted by news agency ANI.
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.
GST filing deadline extended till June 30
The government has also decided to extend the deadline for filing GST returns for March-May to June 30, said Sitharaman while adding that on late filing of GST returns, no late fee, penalty or interest will be charged for companies with turnover of up to Rs 5 crore.
For companies with more than Rs 5 crore turnover, no late fee and penalty will be charged on GST return filed by 15 days. A reduced interest rate of 9 per cent will be charged, she said.
The minister said 'Sab ka Vishwas' indirect tax dispute redressal scheme has also been extended to June 30 and no interest on payment made till June 30 will be charged.
Additionally, the government relaxed company provisions including that of mandatory holding of board meeting and filing of return by newly incorporated companies.
Govt waives minimum bank balance charge for saving a/c
The government also waived minimum bank charges for savings bank accounts to help citizens deal with the lockdown due to the coronavirus crisis, said Sitharaman while adding that free of charge cash withdrawal from any other bank ATM allowed for debit card holders for three months.
She also said that regulators and finance ministry are regularly monitoring developments and volatility in stock markets, adding that the developments on stock markets are monitored thrice a day.
The government is working on an economic package to deal with the hardships caused by the lockdown to control the coronavirus crisis and the same will be announced soon, she said adding different sub-groups have held sectoral discussions.
(With PTI and ANI inputs)
Posted By: Aalok Sensharma
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