NEW DELHI: Union finance minister Nirmala Sitharaman on Tuesday waived minimum balance charges for savings bank accounts to help citizens deal with the lockdown due to the coronavirus crisis.
Also, debit card holders can now withdraw cash from ATMs of all banks free of charge for the next three months, she stated.
Sitharaman further extended the deadline for filing GST (goods and services tax) returns for March-May to June 30.
On late filing of GST returns, no late fee, penalty or interest will be charged for companies with turnover of up to Rs 5 crore.
For companies with more than Rs 5 crore turnover, no late fee and penalty will be charged on GST return filed by 15 days. A reduced interest rate of 9 per cent will be charged, she said.
The minister also said ‘Sab ka Vishwas’ indirect tax dispute redressal scheme has also been extended to June 30 and no interest on payment made till June 30 will be charged.
Additionally, the government relaxed company provisions including that of mandatory holding of board meeting and filing of return by newly incorporated companies.
Sitharaman added that the regulator (RBI) and finance ministry are monitoring developments and volatility in stock markets.
She said the developments on stock markets are monitored thrice a day.
The government is working on an economic package to deal with the hardships caused by the lockdown to control the coronavirus crisis and the same will be announced soon, she said adding different sub-groups have held sectoral discussions.
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