New Delhi, March 24 (Maxim News): Union Finance Minister Niramla Sitharaman said several important relief measures taken by Government of India in view of COVID-19 outbreak, especially on statutory and regulatory compliance matters related to several sectors. While addressing the press conference through video conferencing here today, Sitharaman announced much-needed relief measures in areas of Income Tax, GST, Customs & Central Excise, Corporate Affairs, Insolvency & Bankruptcy Code (IBC) Fisheries, Banking Sector and Commerce.
The Minister of State for Finance & Corporate Affairs Anurag Singh Thakur was also present besides A.B. Pandey, Finance Secretary and Atanu Chakraborty, Secretary, Department of Economic Affairs.
Following are the decisions with respect to statutory and regulatory compliance matters related to various sectors: Extend last date for income tax returns for (FY 18-19) from March 31 to June 30.
Aadhaar-PAN linking date to be extended from June 30, Vivad se Vishwas scheme – no additional 10% amount, if payment made by June 30
Due dates for issue of notice, intimation, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents and time limit for completion of proceedings by the authority and any compliance by the taxpayer including investment in saving instruments or investments for roll over benefit of capital gains under Income Tax Act, Wealth Tax Act, Prohibition of Benami Property Transaction Act, Black Money Act, STT law, CTT Law, Equalization Levy law, Vivad Se Vishwas law where the time limit is expiring between March 20 to June 29 shall be extended to June 30
For delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between 20th March 2020 and 30th June 2020, reduced interest rate at 9% instead of 12 %/18 % per annum ( i.e. 0.75% per month instead of 1/1.5 percent per month) will be charged for this period. No late fee/penalty shall be charged for delay relating to this period. Necessary legal circulars and legislative amendments for giving effect to the aforesaid relief shall be issued in due course.
GST/Indirect Tax
Those having aggregate annual turnover less than Rs. 5 Crore Last date can file GSTR-3B due in March, April and May 2020 by the last week of June, 2020. No interest, late fee, and penalty to be charged., Others can file returns due in March, April and May 2020 by last week of June 2020 but the same would attract reduced rate of interest @9 % per annum from 15 days after due date (current interest rate is 18 % per annum). No late fee and penalty to be charged, if complied before till 30th June 2020.
Date for opting for composition scheme is extended till the last week of June, 2020. Further, the last date for making payments for the quarter ending March 31 and filing of return for 2019-20 by the composition dealers will be extended till the last week of June, 2020.
Date for filing GST annual returns of FY 18-19, which is due on March 31 is extended till the last week of June 2020. Due date for issue of notice, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents, time limit for any compliance under the GST laws where the time limit is expiring between 20th March 2020 to 29th June 2020 shall be extended to June 30.
Necessary legal circulars and legislative amendments to give effect to the aforesaid GST relief shall follow with the approval of GST Council. Payment date under Sabka Vishwas Scheme shall be extended to 30th June, 2020. No interest for this period shall be charged if paid by June 30. (Maxim News)
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