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TMI BlogKey Relief Measures announced by FM of India- COVID-19X X X X Extracts X X X X X X X X Extracts X X X X ..... Key Relief Measures announced by FM of India- COVID-19 - By: - NikhilMohan Jhanwar - Goods and Services Tax - GST - Dated:- 26-3-2020 - - 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 30 th 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 31 st March 2020 30 th June 2020 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Due date for Aadhaar-PAN linking 31 st March 2020 30 th 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 31 st March 2020 30 th 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 30 th 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%) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Due dates for various filings * Falling between 20 th March 2020 to 29 th June 2020 30 th 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. Indi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rect tax/GST A. Taxpayers having aggregate annual turnover less than ₹ 5 Crore Month Due date for GSTR-3B Interest Late fee Penalty February 2020 Existing due date falling on 20 th /22 nd /24 th 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 ₹ 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 20 th March 2020 20 th April 2020 20 th May 2020 Revised due date- GSTR-3B without Interest Within 15 days from existing due date i.e. 4 th April 2020 Within 15 days from existing due date i.e. 5 th May 2020 Within 15 days from existing due date i.e. 4 th June 2020 Revised due date- GS ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TR-3B with Interest @9% p.a. 30 th June 2020 30 th June 2020 30 th June 2020 Late fee No late fee if GSTR-3B filed till 30 th June 2020 Penalty No penalty if GSTR-3B filed till 30 th June 2020 C. GST returns for Composition Taxpayers Particulars Existing Revised Date for opting for composition scheme for F.Y. 2020-21 31 st March 2020 By last week of June 2020 Due date for making GST payment for quarter ending March 2020 in Form CMP-08 18 th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... April 2020 By last week of June 2020 Filing of Annual Return GSTR-4 for F.Y. 2019-20 30 th 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 30 th June 2020 (without any interest) E. Others Particulars Existing Revised Due dates for various filings * Falling between 20th March 2020 to 29th June ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2020 30 th 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 30 th 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 20 th March 2020 to 29th June 2020 shall be extended to 30th June 2020 III. MCA-Corporate affairs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ill be given. Detailed notifications will be issued by Ministry of Commerce. (CA Nikhil M. Jhanwar) - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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