Nirmala Sitharaman
Nirmala Sitharaman
Photo: PTI

The last date for filing GST returns and Composition returns for the months of March, April and May 2020 has been extended in light of the coronavirus-induced situation in India.The last date has now been extended to June 30th.

For companies that have a turnover of less than Rs 5 crore, there will be no interest, late fees or penalty incurred, Sitharaman added.

Finance Minister Nirmala Sitharaman on Tuesday announced that the last date for filing income tax returns for FY19 too had been extended until the last day of June.

"For delayed payments interest rate has been reduced from 12% to 9%," the Finance Minister said.

The Finance Minister also announced several measures pertaining to banking. Cash withdrawals using Debit cards will not incur any charges, even while using other bank's ATMs. Additionally, minimum balance requirement fees for bank accounts has been waived.

India has so far recorded nearly 500 positive cases and 10 people who had earlier tested positive have passed away. Amid the escalating concern created by the virus, shutdowns and curfews have been imposed in several parts of the country in a bit to sop the rather contagious virus from spreading.

Further details awaited.

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