24 Mar 2020
The Finance Minister (Mrs. Nirmala Sitharaman ) comes up with an address to the public clarifying the issues related to Income Tax, GST, Customs, MCA, IBC Fisheries, Bank & Commerce related compliance.
The FM conclude that the last date for filing March-April-May GST returns extended to June 30, 2020. The due date for issue of notice for all laws linked to duty compliance extended till June 30. Aadhaar-pan linking extended to June 30 from March 31 & for the delayed deposit of TDS, the interest rate has been reduced to 9 % from 18%. The last date to file IT returns for Financial Year 2018-2019 is extended to 30 June 2020.
For recently incorporated companies there is a requirement to file declaration for the commencement of business within 6 months of incorporation. Now they will get an extended time of 6 more months for filing the declaration.
For companies with less than Rs 5 cr turnover, no interest, penalty and late fee to be charged on late GST return filing . for companies with turnover greater than 5 crores will have to pay only the interest that also at a reduced rate of 9%.
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