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Key Relief Measures announced by FM of India: COVID-19

CA Nikhil Jhanwar 
on 26 March 2020


The Hon'ble Finance Minister of India today announced several relief measures on statutory and regulatory compliance matters to mitigate large-scale economic distress caused by COVID 19 across the globe. In majority of the cases, the due dates falling in March 2020 have been extended till 30th June 2020. Key highlights for each compliance are summarized below:

I. Income tax

   

Particulars

Existing

Revised

Due date to file ITR for F.Y.

2018-19

31st March 2020

30th June 2020

Due date for Aadhaar-PAN  linking

31st March 2020

30th June 2020

Vivad se Vishwas scheme

No additional 10% amount, if payment made by June  30, 2020

Investment by Taxpayers to avail tax benefits for F.Y.  2019-20

31st March 2020

30th June 2020

Interest on delayed payment of advanced tax, self- assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between 20th March 2020 and 30th June 2020

12 %/18 % per annum ( i.e. 0.75% per month instead of 1/1.5 percent per month)

9% per annum

(Reduction in interest upto 50%)

Due dates for various filings *

Falling between  20th March 2020 to 29th June 2020

30th June 2020

(*) Filings include 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

II. Indirect tax/GST

A. Taxpayers having aggregate annual turnover less than Rs. 5 Crore

 
   

Month

Due date for GSTR-3B

Interest

Late fee

Penalty

February 2020

Existing due date falling on 20th/22nd/24th of next month extended till last week of June 2020

Waived

Waived

Waived

March 2020

April 2020

B. Taxpayers having aggregate annual turnover equal to more than Rs. 5 Crore

The GSTR-3B for the period February 2020, March 2020 and April 2020 can be filed by last week of June 2020 subject to payment of interest beyond 15 days from current due dates @reduced rate of 18% p.a. The different timelines are explained below:

   

Particulars

February 2020

March 2020

April 2020

Existing due date GSTR-3B

20th March 2020

20th April 2020

20th May 2020

Revised due date- GSTR-3B without Interest

Within 15 days from existing due date i.e.

4th April 2020

Within 15 days from existing due date i.e.

5th May 2020

Within 15 days from existing due date i.e.

4th June 2020

Revised due date- GSTR-3B with Interest @9% p.a.

30th June 2020

30th June 2020

30th June 2020

Late fee

No late fee if GSTR-3B filed till 30th June 2020

Penalty

No penalty if GSTR-3B filed till 30th June 2020

C. GST returns for Composition Taxpayers

   

Particulars

Existing

Revised

Date for opting for composition scheme for F.Y. 2020-21

31st March 2020

By last week of June 2020

Due date for making GST payment for quarter ending March 2020 in Form CMP-08

18th April 2020

By last week of June 2020

Filing of Annual Return GSTR-4 for F.Y. 2019-20

30th April 2020

By last week of June 2020

 

D. Sabka Vishwas Scheme

   

Particulars

Existing

Revised

Due date of payment under Sabka Vishwas Scheme

Within 30 days from date of issue of SVLDRS-03

30th June 2020 (without any interest)

 

E. Others

   

Particulars

Existing

Revised

Due dates for various filings *

Falling between 20th March 2020 to 29th June 2020

30th June 2020

(*) Filings include 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

F. Customs

· 24X7 Custom clearance till end of 30th June, 2020

· 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 20th March 2020 to 29th June 2020 shall be extended to 30th June 2020

III. MCA-Corporate affairs

     

Particulars

Existing

Revised

Filing of any document, return, statement etc., required to be filed in the MCA-21 Registry by Companies/LLPs, irrespective of its due date  during 01st April to 30th September 2020

Substantial additional fee is charged for delay in non-compliances

Waiver of additional fees

Holding quarterly board  meetings

In every 120 days i.e. a  quarter

Shall be extended by a  further period of 60 days

Applicability of  Companies (Auditor's Report) Order, 2020

Applicable from F.Y. 2019-20

Now applicable from F.Y 2020-2021

Declaration for Commencement of Business

Within 6 months of date of incorporation

An additional time of 6 more months shall be  allowed

Threshold of default under  section 4 of the IBC 2016

INR 1 lac

INR 1 crore

IV. Financial Services

Relaxations for 3 months

· 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

V. Department of Commerce

· Extension of timelines for various compliance and procedures will be given. Detailed notifications will be issued by Ministry of Commerce.


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