“We have developed a comprehensive plan for compliance with laws and regulations,” said Finance Minister Nirmala Sitharaman at a press conference on Tuesday.
She also said, “The lockdown was done in order to smooth this spreading curve for the coronavirus. Therefore, I must thank you all for joining us today. We are about to propose a economic package, to be announced soon. “
Last date for filing GST returns for March, April and May 2020 extended to June 30, 2020. Due date for all taxpayer compliance and documentation, including for investment vehicles, extended to 30 June 2020. Companies whose turnover is less than Rs 5 cr, no interest, late fees or penalty will be charged for late filing of the GST return. For large companies, a penalty will be charged at a reduced rate.
The date of the Aadhaar-PAN link and of the Vivad Se Vishwas regime was also extended until June 30, without additional payment of 10%. Period for extending the Sabka Vishwas plan from March 31, 2020, extended to June 30, 2020. During this period, people paying indirect taxes will not be charged interest charges
The option date for the composition plan has also been extended to June 30, 2020.
FM said customs will operate as an essential service 24/7 until June 30, even during the lockout. “MCA 21 register, a moratorium is in effect from April 1 to September 30. No additional fees for late payment. Mandatory obligation to hold the meeting of the board of directors relaxed by 60 days for the next two quarters”, said Sitharaman.
For 2019-2020, if the independent directors of the companies were unable to hold a single meeting, this will not be considered a violation, added FM.
For newly incorporated companies, it is mandatory to file a declaration of start of activity within 6 months. This period is extended by 6 months. If a business executive does not meet the minimum residency requirement, it should not be considered a violation. The deadline to maintain a 25% deposit reserve by April has expired until June 30, Sitharaman said at the conference.