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Here are the FM’s key announcements to support the economy amid Covid-19


Finance Minister Nirmala Sitharaman on Tuesday announced a range of measures to support the economy amid the coronavirus pandemic: from allowing more time to pay taxes to easing rules for insolvency.

Here are her key announcements:

Tax payers can file their annual returns by June 30 instead of the March 31 deadline for the fiscal year that ended March 31, 2019

Charges for ATM cash withdrawal, not keeping saving account minimum balance waived for 3 months

Interest rate on delayed payments reduced to 9 per cent from 12 per cent for FY19

Last date for linking Aadhaar and PAN cards extended to June 30 from March 31

Deadline for tax amnesty plan ‘Vivad se Vishwas’ extended to June 30

Last date for GST returns for March, April and May extended to June 30

Customs clearance till June 30 to operate 24×7

Government allows moratorium from April 1 to September 30 for companies to make filing to corporate affairs ministry on MCA-21 form

Threshold triggering insolvency proceedings raised to Rs 1 crore from Rs 1 lakh.

Government considering suspending Sections 7, 9, 10 of the Insolvency and Bankruptcy Code (IBC) for six months.


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