"We have come up with a comprehensive plan about statutory and regulatory compliance matters, said Finance Minister Nirmala Sitharaman during a press conference on Tuesday.
She also said, "The lockdown has been done with an intention of flattening that curve of coronavirus’ spread. Therefore, I must appreciate you all for joining us today. We are close to coming up with an economic package, which will be announced soon."
Last date for filing March, April and May 2020 GST
returns extended to June 30, 2020. Due date for any compliance and documentation by taxpayers, including for investment instruments, extended to June 30, 2020. Companies with less than Rs 5 cr turnover, no interest or late fee or penalty will be charged for late filing of GST
return. For bigger companies, penalty will be charged at a reduced rate.
The FM said that the last date for the income tax return for the Financial Year 18-19 has been extended to June 30, 2020. For delayed payments, the interest rate has been reduced from 12 per cent to 9 per cent.
The date for Aadhaar-PAN linking and Vivad Se Vishwas Scheme has also been extended till June 30, with no additional 10 per cent payment. Sabka Vishwas scheme's extended deadline of March 31, 2020, further extended to June 30, 2020. During this period, those paying indirect tax will not be charged any interest fee
The date to opt for the composition scheme also extended to June 30, 2020.
FM said that the customs will be doing their service as an essential service 24x7 until June 30, even during the lockdown. "MCA 21 registry, there is a moratorium being issued April 1 onwards until September 30. No additional fees for late payment. Mandatory requirement for holding board meeting relaxed by 60 days for the next two quarter", Sitharaman said.
For 2019-20, if independent directors of companies have not been able to hold even a single meeting, that will not be seen as a violation, FM further said.
For newly incorporated companies, there is a requirement to file a disclosure of commencement of business within 6 months. This is extended by 6 months. If a company director does not comply with minimum residency requirement, it shall not be treated as a violation. Deadline to maintain a deposit reserve of 25% by April exptended to June 30, Sitharaman said during the conference.