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    COVID-19 outbreak: Relief measures announced to boost economy

    Published on March 25, 2020

    The Government has announced a slew of measures to provide relief to people and business community by relaxing the compliance and regulatory norms in the wake of  COVID-19 outbreak.

    Finance Minister Nirmala Sitharaman has assured that the COVID 19 Economic Task Force will soon announce an economic relief package.

    Our correspondent reports, Finance Ministry has extended the last date for filing of income tax return for the financial year 2018-19 till June of this year. Interest on delayed payment of income tax has also been reduced to nine per cent.

    Vivad Se Vishwas scheme, PAN-Aadhar linking, Sabka Sath, Sabka Vishwas scheme and last date for filling of GST return for the month of March, April and May have also been extended till June.

    It has been decided by the government that no interest, penalty and late fees will be imposed on those companies which have turnover less than five crores. To keep the supply un-interrupted in the country in this difficult time, custom clearance will remain open 24 X 7.

    Threshold of default has been raised to one crore rupees from the existing one lakh rupees which will prevent triggering of insolvency proceedings against Micro, Small and Medium Enterprises.

    In a major relief to people, debit card holders can withdraw money from any branch of any bank without paying charges for the next three months.

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