ITR, GST filing dates extended amid coronavirus outbreak, customs clearance to work 24x7: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman today addressed the nation and unveiled statutory and regulatory compliances for Indian companies to tackle the impact of coronavirus on businesses. 

During a media presser on Tuesday, she said,

“The lockdown has been done with the intention of flattening the curve of coronavirus’ spread. Therefore, I must appreciate you all for joining us today. We are close to coming up with an economic package, which will be announced soon."

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Nirmala announced the extension of last date of filing of Income Tax Return (ITR) and Goods and Services Tax (GST). She said the last date for filing March, April and May 2020 GST returns is being extended to June 30, 2020. There will be different staggering dates applicable, but all will be during the end of June. The interest rate for filing a delayed return has also been brought down to 9 percent from the existing 12 percent. 

There is no interest, no penalty and no late fee for companies with a turnover of less than Rs 5 crore. For larger companies, interest rate at 9 percent will be applicable, but no late fee and no penalty.

Providing a relief to the import/export sector, Nirmala announced,

“We do not want to upset any importers and exporters in this scenario and so customs clearance will be an essential service operating 24x7 till June 30, 2020.”

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Compliance related to import permits, all SIPs for import of aquaculture inputs, which were to expire on March 1, 2020, and April 15, 2020, are all now extended by three more months. 

In order to prevent insolvency proceedings against MSMEs, the threshold of default has been extended to Rs 1 core from the existing Rs 1 lakh. 

The government is considering to suspend Section 7, 9 and 10 of the Insolvency and Bankruptcy Code (IBC) at a later stage if the current situation continues beyond six months.

(Edited by Javed Gaihlot)