Finance Minister Nirmala Sitharaman on Tuesday announced a number of relief on issues related to compliance of income tax and GST. Sitharaman said that the deadline for filing income tax returns for the financial year 2018-19 has been extended to June 30, 2020. The interest on delayed income tax has been reduced from 12% to 9% during this period. The deadline for depositing TDS was not extended, but the interest was reduced from 18% to 9%. Other agencies, including brokerage company UBS India and Fitch Ratings, have also downgraded India's GDP growth projection.
GST filing deadline extended
The government has decided to extend the GST filing deadline for March, April, and May to April 30, 2020, for businesses with turnover of less than five crore rupees. With this, the deadline for linking Aadhaar-Pan was extended to June 30, 2020. The government has also decided to extend the deadline for the trust scheme from the dispute to June 30, 2020. 24 hours custom clearance facility will be provided until June 30, 2020. Finance Minister Nirmala Sitharaman has made this announcement at a time when the country's economy is looking to fall into a new kind of crisis due to coronavirus. It may be noted that India is already reeling under the problem of declining GDP growth.
Prime Minister Narendra Modi will also address the nation once at 8 pm Tuesday evening. He will address the countrymen for the second time within a week. He tweeted on Tuesday and informed about it. The Prime Minister can make some critical announcements during this. Prime Minister Modi will share with the countrymen some essential things regarding the growing global pandemic outbreak of coronavirus. He said in his tweet, today, I will address the nation at 8 o'clock on March 24. Finance Minister Nirmala Sitharaman is addressing the media to save the faltering economy. Recently, the COVID-19 Task Force has also been constituted under the leadership of the finance minister.
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