ITR, GST filing, Aadhaar-PAN linking deadlines extended: Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman today announced various statutory and regulatory compliance relief measures amid a complete shutdown almost all over the country to control the spread of the highly contagious coronavirus or Covid-19 infection. The last date for filing belated income tax return (ITR) for the FY 2018-19 has been extended from March 31 to June 30, 2020.

The deadline for filing returns of goods and services tax (GST) for March, April and May this year has also been extended till June 30. The government has also extended the last date for linking PAN card with Aadhaar from March 31 to June 30.

Bank account holders do not need to worry about maintaining a minimum monthly balance as non-maintenance charges will be waived off for three months. ATM withdrawals from any bank ATMs will also be free for debit card holders for the next 3 months.

The finance ministry is already working an economic package to mitigate the impact of coronavirus on the Indian economy. Prime Minister Narendra Modi has also announced setting up of a task force, to be headed by Sitharaman, to look at measures to limit economic hardship caused by the COVID-19 pandemic.

  

 

Announcements by Nirmala Sitharaman:

-MS Mani, Partner, Deloitte India, said the extension of GST return filing timelines together with the deferment of e-invoicing and new returns announced earlier would allow businesses to focus on resumption of business processes once normalcy resumes in future. “The waiver of interest, late fees and penalties for SME’s would enable them to focus on reviving their businesses once things are back to normal. The extension of the Sabka Vishwas scheme to 30th June, with zero interest would be beneficial to those businesses who have past liabilities which have significant accumulated interest liabilities," he said.

Source::: Livemint, dated 24/03/2020.