- No charges on ATM withdrawal
- Deadline for filing I-T, GST return extended to June 30
- Aadhaar-Pan linking extended to June 30
- Insolvency threshold raised to Rs1 crore
New Delhi: Finance Minister Nirmala Sitharaman on Tuesday announced that the deadline for filing the 2018-19 income tax returns, Goods and Service Tax return and linking of Aadhaar with PAN has been extended to June 30 as majority of India goes under lockdown to arrest the spread of the coronavirus pandemic.
She has also added that an economic package to help through the coronavirus lockdown will be announced very soon.
Also, interest rate on delayed payment has been cut to 9 per cent from 12 per cent, she told reporters here.
The government has also extended the last date for linking PAN with unique biometric ID Aadhaar to June 30 from March 31.
The Finance Minister also announced in view of the current lockdown, no charges will be levied on ATM withdrawals until further notice. The minimum balance requirement for savings accounts have also been done away with.
Giving details of the extension of dates to help citizen cope with the lockdown, she said the Vivad se Vishwas tax dispute resolution scheme has been extended by three months to June 30. Those availing the scheme by the extended deadline will not have to pay 10 per cent interest on the principal amount.
Also, due dates for issuing various notices under the Income Tax Act have also been extended.
No penalty for late filing of GST
On late filing of GST returns, no late fee, penalty or interest will be charged for companies with turnover of up to Rs 5 crore.
For companies with more than Rs 5 crore turnover, no late fee and penalty will be charged on GST return filed by 15 days. A reduced interest rate of 9 per cent will be charged, she said.
Insolvency threshold raised to Rs 1 crore
To help small companies facing the threat of defaults due to coronavirus-related lockdown, the government on Tuesday raised the threshold that would trigger insolvency proceedings to Rs 1 crore from current Rs 1 lakh.
This raising of the threshold will help small and medium enterprises, Finance Minister Nirmala Sitharaman said.
Also, the government will consider suspending Sections 7, 9, 10 of the Insolvency and Bankruptcy Code (IBC) for six months if the current economic situation continues beyond April, she said, adding this would help companies being forced into insolvency on default of loans.