Chennai: Even as major financial packages were expected to give relief to industries which were hit hard by coronavirus and other factors, Union Finance Minister Nirmala Sitharaman today extended the deadline for filing GST returns for March-May to 30 June.
On late filing of GST returns, no late fee, penalty or interest will be charged for companies with turnover of up to Rs 5 crore. For companies with more than Rs 5 crore turnover, no late fee and penalty will be charged on GST return filed by 15 days. A reduced interest rate of 9 per cent will be charged, she said.
She said ‘Sab ka Vishwas’ indirect tax dispute redressal scheme has also been extended to June 30 and no interest on payment made till June 30 will be charged.
The government today raised the threshold that would trigger insolvency proceedings to ₹1 crore from current ₹1 lakh. This raising of the threshold will help small and medium enterprises, Nirmala Sitharaman said.
Also, the government will consider suspending Sections 7, 9, 10 of the Insolvency and Bankruptcy Code (IBC) for six months if the current economic situation continues beyond April, she said, adding this would help companies being forced into insolvency on default of loans.
Additionally, the government relaxed company provisions including that of mandatory holding of board meeting and filing of return by newly incorporated companies.
Meanwhile, Prime Minister Narendra Modi will address the nation at 8 pm again today. He tweeted out saying that during his address this evening, he will talk on the “vital aspects relating to the menace of COVID-19”.