Important outcomes from Press Conference dated 24th March 2020

Important outcomes from Press Conference dated 24th March 2020 which is as under.

GST/Indirect Tax:

1. Last date for filling GSTR-3B return which is due in the month of March, April and May 2020 will be extended to 30th June 2020. (i.e. GSTR-3B return for the month of February, March & April is extend upto 30th June 2020)
2. For taxpayers having aggregate  turnover less than Rs. 5 Crore . No interest, late fee and penalty to be charged.
3. For taxpayers having aggregate  turnover more than Rs. 5 Crore . No late fee and penalty to be charged but reduced rate of interest @ 9% per annum (current interest rate is 18% per annum) will be charged for any delayed payment. For first 15 days even no interest .
4. Date for opting for composition scheme is extended to 30th June 2020. Further, the last date for making payments for the quarter ending 31st March 2020 and filling of return for 2019-20 by the composition dealers will be extended till 30th June 2020.

Customs / Excise:

1. Sabka Vishwas was scheme for indirect tax extended 30th June 2020 for making payment. No interest will be levied for late payment.
2. During Lockdown as well, Customs Clearance to operate 24×7 as an essential service, till 30th June 2020.

Income Tax:

1. Last date for filling of return of income for the financial year 2018-19 will 30th June 2020.
2. Interest rate on late payment of tax for the FY 2018-19 reduced to 9% from 12%.
3. TDS return filling date not extend but interest rate reduced for delay deposit of TDS to 9% from 18%.
4.  All dates for Notice ,Intimation ,Notification ,Approval Filling of appeal, Sanction ,Statement , Furnishing of return, submission and any compliance extend to 30th June 2020.
5. Investment benefits under income tax act, capital gains reinvestment, Chapter VI-A deposit benefits to be extended to 30th June, 2020 (from 31st March, 2020).
6. Aadhar PAN linking date extended to 30th June 2020.
7. Vivad se Vishwas scheme is also extended to 30th June 2020 and also no additional 10% charge will be levied for all applications made till this date.

Bank

1. No charges on cash withdrawal from debit card from any ATM
2. No Minimum Balance charges.
3. All digitized transaction charges reduced .