Nirmala Sitharaman is heading a task force that's expected to analyse the effects of COVID-19.
The last date for filing of GST Returns for March, April and May 2020 has been extended to June 30, finance minister Nirmala Sitharaman announced today amid a number of relief measures following the crisis triggered by coronavirus. There have been expectations of GST relief as small traders and businessmen struggled over the last weeks as state after state announced lockdown and curfew.
Over the last few days, 30 states and union territories announced lockdown to check the spread of the virus. The latest on the list was Uttar Pradesh which moved from a partial to a complete lockdown. Himachal Pradesh announced curfew as increasing instances of lockdown violations were observed.
Most businesses have to file monthly GST returns for their sales. Some small businesses have to file quarterly returns. Ms Sitharaman today said they can file returns by June 30.
The finance minister also eased the rules for fees regarding cash withdrawals from ATMs and bank charges.
Cash can be withdrawn from any ATM by debit card holders without any fee for the next 3 months, the minister said. Also, bank charges will also be lowered and there will be no requirement for minimum balance, the minister said.
Earlier today, the minister had tweeted: "Even as we are readying an economic package to help us through the corona lockdown (on priority, to be announced soon), I will address the media at 2 pm today, specifically on statutory and regulatory compliance matters via video conference."
The minister also assured that the government is prepping the financial package and that it would come 'sooner rather than later". The minister is heading a task force that's expected to analyse the effects of COVID-19 and suggest a way forward.