India Entry & Business Startup Consultings

FM Announces several relief measures relating to Statutory and Regulatory compliance matters of COVID-19 outbreak

The Union Finance & Corporate Affairs Minister Smt. Niramla Sitharaman today announced several important relief measures taken by the Government of India in view of COVID-19 outbreak, especially on statutory and regulatory compliance matters related to several sectors. Highlights of press conference are: INCOME TAX

  • Date of filing ITR for FY 2018-19 is extended from 31st March, 2020 to 30th June 2020
  • Aadhar PAN linking date extended from 31st March, 2020 to 30th June 2020
  • 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 20thMarch 2020  to 29th June 2020 shall be extended to 30th June 2020
  • For delayed payments of advanced tax, self-assessment tax,  regular tax, TDS, TCS, equalization levy,  STT, CTT  made between 20th March 2020  and  30thJune 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.
  • Vivad se Vishwas scheme extended to 30th June, 2020. No additional charge of 10% to be levied if payments made till 30th June, 2020.
  • Necessary legal circulars and legislative amendments for giving effect to the aforesaid relief shall be issued in due course.

GOODS AND SERVICE TAX

  • Taxpayers having aggregate annual turnover of less than Rs. 5 Crore 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
  • Taxpayers having aggregate annual turnover of more than Rs. 5 Crore 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 30thJune 2020.
  • Date for opting for composition scheme is extended till the last week of June, 2020.
  • The last date for making payments for the quarter ending 31stMarch, 2020 and filing of  return for 2019-20 by the composition dealers will be 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 30th June 2020
  • Necessary legal circulars and legislative amendments to give effect to the aforesaid GST relief shall follow with the approval of GST Council.

CUSTOMS AND CENTRAL EXCISE

  • Due date for issue of notice, notification, approval order, sanction order, filing of appeal, furnishing applications, reports, any other documents etc., time limit for any compliance under the Customs Act and other allied Laws where the time limit is expiring between 20thMarch 2020  to 29th June 2020 shall be extended to 30th June 2020
  • During this period of lockdown, 24X7 Custom clearance till end of 30thJune, 2020 so that importer and exporter do not face difficulties

FINANCIAL SERVICES

  • Relaxations for 3 months of:
    • Debit cardholders to withdraw cash for free from any other banks’ ATM for 3 months
    • Waiver of minimum balance fee
    • Reduced bank charges for digital trade transactions for all trade finance consumers

CORPORATE AFFAIRS

  • MCA21 registry - Moratorium being issued from 1st April till 30th September 2020. There shall be no additional fees for late filings
  • Relaxation in mandatory requirement of holding board meeting by a period of 60 days till the next two quarters
  • In FY 2019-2020 if independent directors has not hold any board meeting, same shall not be viewed as a violation
  • CARO 2020 shall be made applicable from FY 2020-2021 instead of FY 2019-20
  • Requirement to create a Deposit reserve of 20% of deposits maturing during the financial year 2020-21 before 30th April 2020 shall be allowed to be complied with till 30th June 2020
  • Requirement to invest 15% of debentures maturing during a particular year in specified instruments before 30th April 2020, may be done so before 30th June 2020
  • Newly incorporated companies has been given additional time of 6 more months to file a declaration for Commencement of Business
  • To raise the threshold of default under section 4 of the IBC 2016 to Rs 1 crore (from the existing threshold of Rs 1 lakh)
  • Detailed notifications/circulars in this regard shall be issued by the Ministry of Corporate Affairs separately

DEPARTMENT OF FISHERIES

  • All Sanitary Permits (SIPs) for import of SPF Shrimp Broodstock and other Agriculture inputs expiring between 01.03.2020 to 15.04.2020 extended by 3 months
  • Delay upto 1 month in arrival of consignments to be condoned
  • Rebooking of quarantine cubicles for cancelled consignments in Aquatic Quarantine Facility (AQF) Chennai without additional booking charges
  • The verification of documents and grant of NOC for Quarantine would be relaxed from 7 days to 3 days

Source: https://pib.gov.in/PressReleseDetail.aspx?PRID=1607942

 

Leave a Reply

Your email address will not be published. Required fields are marked *

 

SUBSCRIBE OUR NEWS LETTER