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COVID-19 Outbreak India: Read All Relief Measures Announced by FM for Various Sectors

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All Relief Measures by Indian Govt in coronaoutbreak

The Union Finance & Corporate Affairs Minister Niramla Sitharaman on March 24th, 2020, announced several 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, Sitharaman announced relief measures in areas of Income Tax, GST, Customs & Central Excise, Corporate Affairs, Insolvency & Bankruptcy Code (IBC) Fisheries, Banking Sector and Commerce.

Following are the decisions with respect to statutory and regulatory compliance matters related to various sectors: —

Income Tax

  1. Extend last date for income tax returns for (FY 18-19) 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, Equalization Levy law, Vivad Se Vishwas  law  where the time limit is expiring between 20th March 2020  to 29th June 2020 shall be extended to 30th June 2020.  
  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.

 

GST/Indirect Tax

  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 June, 2020. 
  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 June 2020. 
  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.

Customs

  1. 24X7 Custom clearance till end of 30th June, 2020
  2. 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 2020. 

Financial Services

  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

Corporate Affairs

  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 June 2020.
  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 violation.
  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 be condoned.
  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 days

Department of Commerce

Extension of timelines for various compliance and procedures will be given. Detailed notifications will be issued by the Ministry of Commerce.

 

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Vaccination of 15-18 Year Age Group in India from Jan 3, Precautionary Dose for Frontline Workers from Jan 10

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teenage vaccination in india

New Delhi-India will begin vaccination of the children in the age group of 15-18 years from 3rd January 2022. The move is likely to aid in education normalization in schools. The announcement was made by Prime Minister Narender Modi on Saturday evening. He also announced a precaution dose (booster dose) for healthcare and frontline workers from 10th January 2022, Monday.

In India, this has been called the ‘precaution dose’ not booster dose. An option of precaution dose will be available for senior citizens above 60 years of age with co-morbidities on the advice of their doctors from 10th January 2022. 

Referring to the Omicron infections In India, the Prime Minister requested the people not to panic and to follow precautions such as masks and washing hands repeatedly.

According to the Government, the vaccination campaign started on 16th January this year has crossed the mark of 141 crore doses, and 61 percent of the adult population of the country has received both the vaccines and 90 percent of adults have received one dose.

According to the Government statistics, currently, the country has 18 lakh isolation beds, 5 lakh oxygen supported beds, 1 lakh 40 thousand ICU beds, 90 thousand ICU and Non-ICU beds especially for children, more than 3 thousand PSA oxygen plants, 4 lakh oxygen cylinders and support to states is being provided for buffer doses and testing.

The Prime Minister assured that soon the country will develop a nasal vaccine and the world’s first DNA vaccine.

Photo by Nataliya Vaitkevich from Pexels

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Three Farm Laws to be Withdrawn, Announces PM Modi Ahead of Elections in Punjab and UP

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farm laws withdrawn

New Delhi: Ahead of assembly polls in Punjab and Uttar Pradesh, Prime Minister Narender Modi on Friday retreated from his stand on the three contentious farm laws and announced that the government will repeal three laws. He requested the protesting farmers to end the protest that has been going on for over a year now.

He said the three laws would be repealed in the winter session of Parliament starting later this month. He also said that though the laws were in the interest of the farmers, his government failed to convince them.

The Prime Minister chose the occasion of Guru Nanak Jayanti to make this announcement. The decision is being perceived as an attempt to appease the farmers, especially in Punjab ahead of the assembly polls. Also, the results of by-poll held in various states are being seen as a setback to the ruling government that compelled it to reconsider its stand on the farm bills.  

The Prime Minister said, “today I have come to tell you, the whole country, that we have decided to withdraw all three agricultural laws. In the Parliament session starting later this month, we will complete the constitutional process to repeal these three agricultural laws”.

It’s pertinent to mention that the Centre government had to announce a cut in taxes on petrol and diesel right after the results of bye polls were declared.

The three contentious bills are The Farmer’s Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020, the Farmers (Empowerment and Protection) Agreement of Price Assurance and Farm Services Bill, 2020 and the Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Bill.

The opposition Congress and farmers’ bodies have termed it a victory of their unity against the government’s decision. Former Chief Minister of Punjab, Captain Amarinder Singh was one of the first to welcome the decision through a Tweet.

 

 

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Himachal Kisan Sabha Condemns Alleged Mowing Down of Protesting Farmers by Minister’s Son, Calls it “Ghastly” and “Inhuman”

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Himachak Kisan Sabha

Shimla-Himachal Kisan Sabha has condemned the incident where four farmers were allegedly run over by vehicles in Lakhimpur Kheri district of Uttar Pradesh on Sunday, terming it a “ghastly” and “inhuman” act. The Sabha paid tribute to the martyred farmers and demanded immediate arrest of Ashish Mishra – son of Union Minister of State for Home Affairs Ajay Mishra – and other accused and book them under Section 302 (murder).

The farmers have alleged that three SUVs that mowed down protesting farmers were part of the convoy of the Union Minister of State. The farmers alleged that Minister’s son was behind the wheel in one of these SUVs. Following this incident, violence broke out that killed four more persons. The Minister, however, denied the allegations. 

Kisan Sabha also demanded that an inquiry should be conducted into the incident by a Supreme Court Judge. The Sabha also demanded that the Union Minister of State should be suspended with immediate effect.

Sabha said that it’s extremely shameful that the Centre government is attempting to end farmers protest against three Farm Laws in a dictatorial way by means of violence.

“On September 25, 2021, Union Minister of State, Ajay Mishra, had threatened to end the farmers protest within two minutes in a public meeting, and now his son has been alleged of mowing down farmers,” said State President of Himachal Kisan Sabha, Dr Kuldeep Singh Tanwar.

“The execution of this ghastly act merely one day after the non-violence day clearly reflects that the current Centre Government has no belief in democracy. The government wants to suppress dissenting voices rising against it at any cost,” Tanwar added.

Dr Tanwar further added that protests would be staged against this “barbaric” act in Himachal Pradesh too. The sacrifice of martyred farmers won’t go in vain, and it would only strengthen the farmers’ protest, he added.  

Meanwhile, following this incident, Priyanka Gandhi, who was on her way to Lakhimpur to meet the affected families, was detained by police, while Akhilesh Yadav – former Chief Minister of UP and president of Samajwadi Party- was put under house arrest ahead of his scheduled visit.

 

 

 

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