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Filing of GST returns extended to 30 June: FM Sitharaman

Finance ministry and regulators monitoring volatility in markets, says FM. She further said, regulators and her ministry are monitoring developments and volatility in stock markets. She said 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.

Nirmala Sitharama reiterated that an economic package will be announced “sooner”, rather than later. She also said, “We are closely monitoring the situation. SEBI has come up with guidelines and stated its position on the recent volatility. We are monitoring the stock market.”

The government said that bank charges are reduced for digital trade and transactions. The finance minister also clarified that banks not imposing the minimum balance requirement fee is for a three-month period, for now. The government’s plan for relief plan announced that debit cardholders who withdraw cash from any bank ATM can do it free of charge, from any other bank’s ATM, for the next three months. She also stated that there shall not be any minimum balance requirement fee.

Secondly, the comprehensive Announcement on relief for Statutory Compliance Regulations by Hon’ble Finance Minister :

Key Heighlights :

Income Tax
VIVAD SE VISHWAS SCHEME – Date extended to 30th June, 2020 from 31st March, 2020. No 10% additional charge will be levied for all applications made till this date.

Investment benefits under income tax act, capital gains reinvestments, Chapter VI-A deposit benefits to be extended to 30th June, 2020 (from 31st March, 2020)

IT Returns
IT Returns last date for FY 2018-19 (AY 2019-20) extended to 30th June, 2020
Delayed payments till 30th June, 2020 – Interest reduced from 12% to 9% (AY 2019-20)

TDS
No extension of TDS date. But on delayed deposit of TDS, reduced interest of 9% will be charged

Aadhar PAN linking date extended to 30th June, 2020 from 31st March, 2020

Due Dates For Issue of Notice, Intimation, Filing of Appeal, Furnish Returns, Sanctions, Applications and other compliances by Tax Payers also extended to 30th June, 2020

GST
Last date to file GST returns extended to 30th June, 2020 for March, April & May. Specific staggered dates will be intimated
No Late Fee, No Penalty for companies having turnover of less than Rs.5 crore
Date for opting for composition scheme extended to 30th June,