Minister Smt. Niramla Sitharaman
today announced several important relief measures taken by the
Government of India in view of COVID-19 outbreak,
especially on statutory and regulatory compliance
matters related to several sectors. While addressing
the press conference through video conferencing here today, Smt.
Sitharaman announced much-needed relief measures in
areas of Income Tax, GST, Customs &
Central Excise, Corporate Affairs, Insolvency
& Bankruptcy Code (IBC) Fisheries,
Banking Sector and Commerce.
The Minister of State for Finance & Corporate Affairs
Shri Anurag Singh Thakur
was also present besides Shri A.B. Pandey, Finance
Secretary and Shri Atanu Chakraborty,
Secretary, Department of Economic Affairs.
Following are the decisions with respect to statutory and regulatory
compliance matters related to various sectors: —
1. Extend last date for income tax returns for (FY18-19) from 31st March, 2020 to 30th June, 2020.
2. Aadhaar-PAN linking date to be extended from 31st
March, 2020 to 30th June, 2020.
3. Vivad se Vishwas scheme –
no additional 10% amount, if payment made by June 30, 2020.
4. Due dates for issue of notice, intimation, notification,
approval order, sanction order, filing of appeal, furnishing of
return, statements, applications, reports, any
other documents and time limit for completion of proceedings
by the authority and any compliance by the taxpayer including
investment in saving instruments or investments for roll over
benefit of capital gains under Income Tax Act, Wealth Tax Act,
Prohibition of Benami Property Transaction Act, Black Money Act, STT
law, CTT Law,
law where the time limit is expiring between 20th
March 2020 to 29th June 2020 shall be extended to 30th
5. For delayed payments of advanced tax, self-assessment tax,
regular tax, TDS, TCS, equalization levy,
STT, CTT made between 20th March 2020
and 30th June 2020, reduced interest rate at 9%
instead of 12 %/18 % per annum ( i.e.
0.75% per month instead of 1/1.5 percent per month)
will be charged for this period. No late fee/penalty
shall be charged for delay relating to this period.
6. Necessary legal circulars and legislative amendments
for giving effect to the aforesaid relief shall be issued
in due course.
1. Those having aggregate annual turnover less than
Rs. 5 Crore Last date can file GSTR–3B
due in March, April and May 2020 by the last week of June, 2020. No interest,
late fee, and penalty to be charged.
2. Others can file returns due in March, April and May 2020 by
last week of June 2020 but the same would attract reduced rate of
interest @9 % per annum from 15 days
after due date (current interest rate is 18 % per annum).
No late fee and penalty to be charged, if complied
before till 30th June 2020.
3. Date for opting for composition scheme is extended till the
last week of June, 2020. Further, the last date for making payments for the
quarter ending 31st March, 2020 and filing of return for 2019-20
by the composition dealers will be extended till the last week of
4. Date for filing GST annual returns of FY
18-19, which is due on 31st March, 2020 is extended till the last
week of June 2020.
5. Due date for issue of notice, notification, approval order,
sanction order, filing of appeal, furnishing of return,
statements, applications, reports, any other documents,
time limit for any compliance under the GST laws
where the time limit is expiring between 20th March
2020 to 29th June 2020 shall be extended to 30th
6. Necessary legal circulars and legislative amendments
to give effect to the aforesaid GST relief shall
follow with the approval of GST Council.
7. Payment date under Sabka Vishwas Scheme shall be
extended to 30th June, 2020. No interest for this period shall be
charged if paid by 30th June, 2020.
8. 24X7 Custom clearance till end of 30th
9. Due date for issue of notice, notification, approval order,
sanction order, filing of appeal, furnishing applications,
reports, any other documents etc., time limit for
any compliance under the Customs Act and other allied Laws where
the time limit is expiring between 20th March 2020
to 29th June 2020 shall be extended to 30th June
1. Relaxations for 3 months
• Debit cardholders to withdraw cash for free from
any other banks’ ATM for 3 months
• Waiver of minimum balance fee
• Reduced bank charges for digital
trade transactions for all trade finance consumers
1. No additional fees shall be charged for late
filing during a moratorium period from 01st April
to 30th September 2020, in respect of any document, return,
statement etc., required to be filed in the MCA-21 Registry,
irrespective of its due date, which will not only reduce the compliance
burden, including financial burden of companies/ LLPs
at large, but also enable long-standing non-compliant companies/
LLPs to make a ‘fresh start’;
2. The mandatory requirement of holding meetings of the Board of
the companies within prescribed interval provided in the
Companies Act (120 days), 2013, shall be extended by a period of 60 days till
next two quarters i.e., till 30th September;
3. Applicability of Companies (Auditor’s Report)
Order, 2020 shall be made applicable from the financial year 2020-2021 instead
of from 2019-2020 notified earlier. This will significantly
ease the burden on companies & their auditors
for the year 2019-20.
4. As per Schedule 4 to the Companies Act, 2013, Independent Directors
are required to hold at least one meeting without the attendance of
Non-independent directors and members of
management. For the year 2019-20, if the IDs of a company have
not been able to hold even one meeting, the same shall not be viewed
as a violation.
5. Requirement to create a Deposit reserve of 20% of deposits
maturing during the financial year 2020-21 before 30th
April 2020 shall be allowed to be complied with till 30th
6. Requirement to invest 15% of debentures maturing
during a particular year in specified instruments before 30th
April 2020, may be done so before 30th June 2020.
7. Newly incorporated companies are required to file a
declaration for Commencement of Business within 6 months of incorporation.
An additional time of 6 more months shall be allowed.
8. Non-compliance of minimum residency in India for
a period of at least 182 days by at least one director of every company, under
Section 149 of the Companies Act, shall not be treated as a
9. Due to the emerging financial distress faced by most companies
on account of the large-scale economic distress caused by COVID
19, it has been decided to raise the threshold of default under section 4 of
the IBC 2016 to Rs 1 crore (from the
existing threshold of Rs 1 lakh). This will by and
large prevent triggering of insolvency proceedings
against MSMEs. If the current situation continues
beyond 30th of April 2020, we may consider suspending
section 7, 9 and 10 of the IBC 2016 for a period of 6 months so
as to stop companies at large from being forced into insolvency proceedings
in such force majeure causes of default.
10. Detailed notifications/circulars in this regard shall be issued
by the Ministry of Corporate Affairs separately.
Department of Fisheries
1. All Sanitary Permits (SIPs) for
import of SPF Shrimp Broodstock and
other Agriculture inputs expiring between
01.03.2020 to 15.04.2020 extended by 3 months
2. Delay upto 1 month in arrival of consignments to
3. Rebooking of quarantine cubicles
for cancelled consignments in Aquatic
Quarantine Facility (AQF) Chennai
without additional booking charges
4. The verification of documents and grant of NOC
for Quarantine would be relaxed from 7 days to 3
Department of Commerce
Extension of timelines for various compliance and procedures
will be given. Detailed notifications will be issued
by Ministry of Commerce.
date extended for Income Tax Return Filling for A.Y. 2020-21, CORONA VIRUS,