Finance Minister Nirmala Sitharaman announced several measures offering help to people and businesses in the midst of the coronavirus widespread. For starters, debit cardholders can withdraw cash from any bank ATM free of charge for the next three months. The move is pointed at tending to people’s cash prerequisites and avoiding overcrowd at the bank branches. Country’s biggest lender State Bank of India had waived the prerequisite of holding a minimum balance in savings account. Saurabh Pal, CEO and CFO at Maple Hotels and Resorts Limited spoke about two declarations that he found significant, “Increasing threshold limit for filing bankruptcy proceedings under IBC to Rs. 1 crore and extending GST returns dateline! Another one that may have a substantial impact is allowing late deposit of TDS under Income Tax to 9% p.a.!”
However, FM also announced a couple of more measures to handle the massive panic in the coronavirus outbreak.
- Banks will forgo the minimum balance prerequisite
for account holders.
- For recording FY19 returns, the final date has
been amplified to June 30. Interest has been brought down from 12% to 9% for delayed
- The due date for linking Aadhaar with PAN has
been expanded to June 30 from March 31.
- The interest rate on delayed TDS has been cut from 18% to 9%.
- The due dates for GST return for March, April, May, and composition returns have been extended to June 30.
- An economic relief package to deal with Covid-19 will soon be announced.
- For companies less than 5 cr no late fee and penalty to be charged. For over Rs 5 cr, only interest at the rate of 9%.
- Sabka Vishwaas scheme for indirect taxes having the last date till March 31 has been expanded to June 30,2020. No interest to be levied.
Dr. Nitesh Kumar, Chief Executive Officer at Emami Realty brought forth his strong opinion, “Finance minister Nirmala Sitharaman announced a slew of measures for extension of statutory and regulatory compliances in view of the coronavirus pandemic spreading its wings and impacting the economy. She announced that the Economic Task Force will soon announce an economic relief package. Her key announcement included extension in the dates to file tax returns, adhar and pan card linking, FST returns, custom clearance etc. The government is taking huge hits in the economy and is yet fighting for your safety. Stay Home Stay Safe”