At present, the COVID-19 is raging all over the world, which will seriously impact the safety of human beings and the development of economy and society. While introducing active anti measures, India also launched a stronger tax support bill.
For income tax, Extend the deadline for income tax returns for fiscal year 18-19 from March 31, 2020 to June 30, 2020; extend the deadline for association of Aadhaar-PAN numbers from March 31, 2020 to June 30, 2020; and the due date for issuing notices, orders and any other documents, including savings investment or rolling income investment under the following acts, with a maturity period between March 20, 2020 and June 29, 2020 , which will be extended to June 30, 2020, for example, “The Income Tax Law” ”The Wealth Tax Law” “The Prohibition of Trading in Betel Nano Property” ”The Black Money Act” “The Securities Exchange Act” “The Commodity Exchange Act” “The Tax Equalization Act” and “Vivad se Vishwas Act”; interest rates on deferred payments of taxes such as prepaid tax, self-assessment tax, periodic tax, TDS, source tax (TCS), securities exchange tax (STT) and commodity transaction tax (CTT) will be reduced from 12% / 18% to 9% from March 20, 2020 to June 30, 2020. No late fee will be charged for delay during this period.
For goods and services tax, if the total annual turnover is less than RP 50 million, the deadline for filing GST returns in March, April and May 2020 is extended to June 30, 2020. No interest, late fee or penalty will be charged; if it is reported before 30 June 2020, companies with turnover of RP 50 million or more will not be charged with late fee or penalty, but will be charged with interest of 9% (current interest rate is 18%); the date of selecting the consolidation plan and submitting the consolidated statements in the financial year 19-20 is extended to the last week of June 2020; the deadline for submitting annual GST statements for fiscal year 18-19 is from March 31, 2020 to the last week of June 2020; payment dates under the Sabka-Vishwas program shall be extended to June 30, 2020, without interest for the current period if paid before June 30, 2020; notice, approval order, sanction order, appeal, filing of returns, statements, applications, reports and any documentation required by GST law (Deadline: March 20, 2020 Between June 29, 2020) shall be extended to June 30, 2020.
For customs, to make 24x7 customs clearance a basic service before June 30, 2020; the deadline for issuing notices, approval orders, sanctions orders, appeals, filing declarations, reports and any other documents between March 20, 2020 and June 29, 2020 will be extended to June 30, 2020.
（Resource Document-issuing agency：Jiangsu Provincial Tax Service, State Taxation Administration、Published date：2020-05-13 10:56 Preferential Tax Policies in India During The COVID-19 period）
