Amid a complete shutdown to control Covid-19 infection, Union Finance Minister Nirmala Sitharaman on Tuesday said government is working an economic package to mitigate the impact of the “killer virus” on the Indian economy.
The government has set up of a task force, headed by Sitharaman, to look at measures to limit economic hardship caused by the Covid-19 pandemic.
Sitharaman said GST and ITR filing (FY 2018-19) deadlines have been extended to June 30.
The Finance minister said there is no move to impose financial emergency as was claimed by a section of media.
For bigger companies, only interest will be charged, and there would be no late fee and no penalty for GST, the Finance minister, said.
And for companies with less than Rs 5 crore turnovers, there would be no interest, late fee or even penalty will be charged.
The decision to extend the deadlines was taken as 32 states and union territories are under lockdown as the Covid-19 positive cases are growing every hour.
In addition to GST and ITR filing, Aadhaar-PAN linking deadline has also been extended to June 30.
The newly incorporated companies will now get 6 more months to file commencement of business report.
Similarly, Vivad se Vishwas tax dispute resolution scheme extended by 3 months to June 30.
Those availing the scheme by the extended deadline will not have to pay 10 per cent interest on the principal amount, Sitharaman said.
Customs clearance will be treated as an essential service, till June 30, and would follow a 24×7 schedule.
A reduced interest rate of 9 per cent will be charged on delayed deposits of TDS till June 2020, Sitharaman said, adding that there would be no extension of the deadline.