In her media briefing on Tuesday, the Union Finance Minister Nirmala Sitharaman stated that all the regulators, Reserve Bank of India and the Finance Ministry are working unitedly keeping a close eye on the developments and volatility in the stock market. She also said that the market regulator SEBI has developed some set of guidelines amid the Coronavirus outbreak.
Besides, she also said that the charges will be relieved for the next three months on cash withdrawal from any ATM. The Debit cardholders can now withdraw cash from any bank ATM, free of charge for the next 3 months.
Highlights of her media briefing:
Very close to coming out with economic package to deal with coronavirus crisis, says FM Nirmala Sitharaman
“Work is going on and economic package will be announced soon. We have come up with comprehensive detail response to regulatory compliance”- Nirmala Sitharaman
Although PM Modi said the task force was to be headed by Finance Minister Nirmala Sitharaman, the Ministry says it is not responsible for constituting the body. #CoronavirusOutbreak
Income tax filings for 2018-19 is extended to June 30, 2020. For delayed payment interest rate reduced from 12 % to 9%: Nirmala Sitharaman
8-point economic relief announced by FM
- Income Tax compliance
- GST compliance
- Customs compliance
- MCA compliance
- IBC compliance
- Fisheries compliance
- Bank-related compliance
- Commerce-related compliance
The last date for the income tax return for the financial year 18-19 is extended to 30th June 2020. For delayed payments interest rate has been reduced from 12% to 9%: Union Finance Minister Nirmala Sitharaman
#Aadhar-PAN Linking date extended to June 30th 2020 #NirmalaSitharaman
Vivad Se Vishwas scheme also extended till June 30; no additional charge of 10% : FM
GST payments to attract interest if delayed, however, no penalty or late fee to be applied for delayed GSTR filings.
For companies which have less than Rs 5 crore turn over, no interest, no late fee, no penalty will be charged: FM on late GST return filing.
Applicability of Companies Auditors’ Report Order 2020 shifted, to be applicable from FY 2020-21, instead of FY2019-20.
Centre has come up with a comprehensive plan, says FM
We have come up with a comprehensive plan about statutory and regulatory compliance matters, said fiance minister Nirmala Sitharaman during a media presser on Tuesday. She also said, “The lockdown has been done with an intention of flattening that curve of coronavirus’ spread. Therefore, I must appreciate you all for joining us today. We are close to coming up with an economic package, which will be announced soon.”