Nirmala Sitharaman Makes Important Announcements on Income Tax Return Filing Deadlines, GST And More Amid Coronavirus Outbreak: Check Full List of Announcements

Nirmala Sitharaman Makes Important Announcements on Income Tax Return Filing Deadlines, GST And More Amid Coronavirus Outbreak: Check Full List of Announcements

New Delhi, March 24: Finance Minister Nirmala Sitharaman on Tuesday addressed media via video conference and said that an economic relief package will be announced sooner or later. "Work is going on and we are very close to coming up with an economic package that will be announced sooner rather than later", Sitharaman said. The Finance Minister said that the government has come up with a comprehensive plan about statutory and regulatory compliance matters.
The Finance Ministry announced compliance and regulation on Income tax, GST, Customs and Central Excise, Ministry of Corporate Affairs, Insolvency and Bankruptcy Code, Fisheries and Bank-related compliance.
All last dates and deadlines of document submission and compliance, has been moved to June 30. This includes the last date for filing income tax returns. 

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Highlights:

1. The last date for the income tax return for the financial year 18-19 is extended to 30th June 2020.
2. For delayed payments interest rate has been reduced from 12% to 9%: Union Finance Minister Nirmala Sitharaman
3. The deadline for Aadhaar-Pan linkage extended till June 30, 2020 from the earlier deadline which was March 31, 2020
4. The Finance Minister said that Vivaad se Vishawas scheme has also been extended to June 30,2020. There will not be any 10 percent additional charge from now till June 30.
5. The last date for March, April, May 2020 GST returns and Composition returns extended to June 30th, 2020
6. No late fee or penalty will be charged for companies with a turnover Rs 5 crore or lower that file GST late. Those with a turnover of more than Rs 5 crore, will pay a reduced interest rate of 9 percent.

Earlier in the day, Sitharaman had tweeted hinting that the government was readying an economic package to help us through the Corona lockdown. "Even as we are readying an economic package to help us through the Corona lockdown (on priority, to be announced soon) I will address the media at 2pm today, specifically on statutory and regulatory compliance matters. Via video conference", she tweeted.