New Delhi: Finance Minister Nirmala Sitharaman on Tuesday stated that the government is preparing an economic package which will be announced soon in a bid to tackle the economic fallout affecting the Indian economy due to coronavirus pandemic.
She said the last date for filing Income Tax return for the year 2018-19 has been extended from March 31 to June 30, 2020. “Work is going on and we are very close to coming up with an economic package that will be announced sooner rather than later,” she stated.
And for delayed payments, the interest rate has been reduced from 12 per cent to 9 per cent, she said. The steps come even as the International Monetary Fund stated that the pandemic will cause a global recession in 2020 and will be as bad as the 2008 financial crisis.
Finance Minister Nirmala Sitharaman live
–We are closely monitoring the situation. SEBI has come up with guidelines and stated its position on the recent volatility. We are in contact with regulators at leat thrice a day. We are monitoring the stock market.
–ATM withdrawal from any bank’s ATM will be free of charge for the next three months. Also, there shall not be any minimum balance requirement fee.
-We may consider suspending Section 7, 9 and 10 of the Insolvency and Bankruptcy Code (IBC), at a later stage, if the current situation continues beyond six months.
–The last date to file March, April and May 2020 GST returns and composition returns extended to June 30, 2020. Different staggering dates will be applicable, but all will be towards the end of June.
–Mandatory requirement of holding board meetings is being relaxed by a period of 60 days, this relaxation is for the next two quarters: FM
–Payment date under the ‘Sabka Vishwas’ scheme, which was for settling disputes in the indirect tax regime, has been extended till June 30, 2020.
–The last date to file March, April and May 2020 GST returns and composition returns extended to June 30, 2020.
-No move to impose ‘financial emergency’ as was claimed by some reports.
–No move to impose ‘financial emergency’ as was claimed by some reports.
–Aadhaar-PAN linking date has been extended to June 30, 2020 from what was March 31, 2020.
–The last date for filing Income Tax returns for the financial year 2018-19 has been extended to June 30, 2020. For the delayed payments, interest rate has been reduced from 12 per cent to 9 per cent.