Finance Minister Nirmala Sitharaman said on Tuesday that the government will soon announce an economic package to help various sectors in view of the coronavirus lockdown. He said that there will be no delay, the package will be announced soon. Sitharaman also made announcements for extending the deadline for compliance with tax and regulatory conditions and giving some more exemptions. Talking to reporters through video conferencing, Simaraman announced the relaxation of filing of Income Tax Return, GST Return, and compliance with Customs and Central Excise. He said that amidst restrictions on traffic for the prevention of coronavirus threat, the last date of 31 March for compliance, etc. (the last date of the financial year) has come. The industry and business are facing a lot of problems due to restrictions on arrival, so it has been decided to extend the compliance deadline.
Finance Minister Nirmala Sitharaman has announced reliefs for the country facing a rising outbreak of the global pandemic Coronavirus. On Tuesday, the Finance Minister made an important announcement regarding income tax and GST. He said that the deadline for ITR for the financial year 2018-19 has been extended till June 30. Interest in TDS has been reduced from 18 percent to 9 percent. Apart from this, the deadline for filing returns of Goods and Services Tax (GST) for March, April, and May 2020, the deadline has also been increased to 30 June.
The Finance Minister said, no interest, penalty or late fees will be charged on the delay in filing GST returns from companies with a turnover of less than five crore rupees annually.
Finance Minister made this announcement
- – ITR deadline for FY 2018-19 extended till 30 June
- – Date of linking Aadhaar to PAN card is 30 June
- – Dispute to trust scheme till 30 June
- – Interest on TDS reduced from 18 to 9%
- – 9 percent charge in place of 12 percent on return delay
After this, Prime Minister Narendra Modi will address the nation on Tuesday 24 March at 8 pm. The Prime Minister gave this information in his tweet. Modi said in the tweet, “I will share some important things with the countrymen in relation to the rising outbreak of global epidemic coronavirus.” He said, “Today, on 24 March at 8 pm I will address the country.”
Significantly, on Thursday in the message to the nation, the Prime Minister had appealed to implement ‘Janata curfew’ on Sunday and show gratitude to the people from milk to house, newspapers, ration givers, policemen, health workers, and media persons. To express gratitude to such people, he had appealed to come to the window, balcony or gate of the house at 5 pm on March 22 to clap and clap.
On Monday, Prime Minister Narendra Modi appealed to the people to follow the lockdown seriously and also asked the state governments to ensure compliance with rules and laws.