Representative Image
Representative Image

Mumbai: There was a growing concern among the companies about the delay in relief measures to tackle the impact of Coronavirus on the economy. But finally the Finance Minister Nirmala Sitharaman announced a slew of measures to combat it.

However, the economic package is expected to be announced soon. Assocham and NAREDCO, President, Niranjan Hiranandani said, “A positive step indeed, with a broader economic package to be announced.

The Finance Minister has made a slew of announcements, which largely defer mandatory filing dates in most instances from 31 March to 30 June 2020. This rescheduling of regulatory compliances is much appreciated to combat the current statutory dues.”

The minister had relaxed the charges in minimum balance in accounts and debit card transactions as well, which will be a relief to the common man. Commenting on taxes and other fees, Chandrajit Banerjee, Director General of CII, said, “Waiver of penalty, late fee and interest on GST will also help industry cope up with the huge cash crunch, and thus, tide through these tough times.

The Customs Clearance authorities have done a commendable job by deciding to operate 24x7 as an essential service during lockdown as well.”

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