Some Important Relief Measures in view of COVID-19
In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and regulatory compliance matters across sectors in view of COVID-19 outbreak, the govt has brought in an Ordinance on 31.03.2020 which provides for extension of various time limits under the Taxation and Benami Acts. It also provides for extension of time limits contained in the Rules or Notification which are prescribed/ issued under these Acts which includes new reduced interest rates for delay in payment of direct taxes and relief from compliances under the GST Act. The Ordinance also amends section 80G of Income-tax Act to allow 100% deduction if donation made towards PM CARES Fund.
[Press Release: https://pib.gov.in/newsite/PrintRelease.aspx?relid=200868]
New Due Dates under Income Tax
New Interest Rates
Relief from GST Compliances
Presently value of the goods or software exports made by the exporters is required to be realized fully and repatriated to the country within a period of 9 months from the date of exports. In view of the disruption caused by the COVID-19 pandemic, the time period for realization and repatriation of export proceeds for exports made up to or on July 31, 2020, has been extended to 15 months from the date of export.
[CIRCULAR NO. A. P. (DIR SERIES) CIRCULAR NO. 27, DATED 01-04-2020]
The Central Govt. has extended the validity of Foreign Trade Policy 2015-20 by 1 year, i.e, from 31-03-2020 to 31-03-2021. Further, for all DFIAs, where validity of import is expiring within February 2020 to July 2020, has been extended by 6 months. Validity of DFIA and EPCG Authorizations for import purposes has also been extended.
The policy holders whose motor vehicle third party insurance policies fall due for renewal during the period on and from the March 25, 2020 up to the April 14, 2020 and who are unable to make payment of their renewal premium on time in view of the prevailing situation in the country as a result of Corona Virus disease (COVID-19)
[NOTIFICATION NO. [F. NO. 14017/18/2020-INS-II], DATED 01-04-2020]