The Government on Tuesday annouced some relief measures in the wake of lockdown due to Goronavirus outbreak. According to Finance Minister nirmala Sitharaman minimum blance charges for savings bank accounts and Debit Card usage charges from any other banks have been waived off for a period of three months. The govt has extended the IT filling deadline for current FY has been extended to June 30. The dead line Aadhar- PAN linking and GST returns for March, April and may has been extended to June 30.
She also announced that for companies with turnover of over Rs 5 crore, no late fee and penalty will be charged on late GST return filing. Sitharaman added that the mandatory holding of board meetings for companies extended by 60 days in view of the current situation.Many other deadlines for financial schemes and obligations have also been extended to June 30 including the "Vivad se Vishwas" initiative.
She also said that the government is considering suspending Sections 7, 9, 10 of the Insolvency and Bankruptcy Code (IBC) for six months if the current economic situation continues beyond April, adding this would help companies being forced into insolvency on default of loans.