Aids given by Finance Ministry

Finance Ministry on Coronavirus

Coronavirus has attacked almost every country in the world and hit the economy. Most powerful economies like U.S and Europe is also in the folds of this pandemic. Now the major assertion arise is that how will the legal authorities deal with it and provide relief to their citizens and the cooperation of the individuals towards society and the government to integrate and curb the situation. Following actions have already been taken by the Finance Ministry and some of them are in the quotes.

Finance Ministry assert that:

1. Last date of filing income tax return for the financial year 2018-19 is extended to June 30, 2020. This is a great relief for the large organisations as those are the ones who are in higher critical situations economically. 
2. Furthermore, interests on TDS deposits is reduced to 9% from 18% .
3. Also, linking date for ADHAR, Pan is extẹnded to June 30, 2020. 
4. Announcement of Vivad se Vishwaas scheme, which cuts off the interests and penalty charged on settling tax disputes had put a great relief to the sufferers.
5. Individuals are also relieved to pay the GST returns till June 30. Moreover, no charge, fine and penalty will be charged to the companies having turnover < Rs 5 crore. However, 9 percent interest would be charged to the companies having turnover > Rs 5 crore.
6. Last date for settling disputes in the indirect tax regime under Sabka Vishwas scheme is also extended to June 30, 2020.
7. Under Insolvancy and Bankruptcy Code (IBC), the threshold for the default will be raised from Rs 1 lakh to Rs 1 crore.
8. Permission accessed to one month delay on import permits for fisheries. 
9. No penalty on low balance in bank accounts is the great relief for every citizen who are allowed to withdraw cash from any other bank's ATM without any overhead charges for next 3 months.
10. Announcement of the Pradhan Mantri Garib Kalyan Scheme under which 1.7 Lakh Crore rupees are sanctioned to help the poor and migrant workers.
11. The Finance Minister also announced the Pradhan Mantri garib Kalyan Anna Yojna which enlist additional 5 Kg of rice or Wheat along with 1 Kg of preferred pulses to be given to poor for following 3 months.    
12. Under Pradhan Mantri Kisan Yojna, Farmers will be given Rs. 2000 each as their first installment.
13. Highly applauded aid for health care workers who stood at front to save the citizens of their nation, they will be covered under 50 lakh medical insurance which is going to benefit 20 lakh beneficiaries.
14. Free LPG cylinders will be provided to 8 crore BPL families.
15. Rs 1000 each will be given to Senior citizens, widows and Disabled.
16. To all the Women who are Jan Dhan Account Holders, they will be given Rs 500 per month for Subsequent three months
17. Hike in wage rate from Rs 182 to Rs 202 with the increment of Rs 2000 to every worker under MNREGA which benefits around 5 crore people.
18. Under EPFO regulations, some amendments are done, which allows the workers to withdraw 75% of their contingency expenditure or advance wage of 3 months whichever is less which is non refundable advance, benefiting 4.5 crore workers.

Expectations in future enlisted by Finance Ministry:

1. Most importantly, their is an urge to monitor the stability in stock market which can give little boost to the organisations. Therefore, a great effort is put by the task force to handle the circumstances.
2. According to the sources, the department of financial services secretary, wrote to the RBI for a deferment on the payment of EMI's, loan repayments and interests for coming few months.
3. Economic Package for small scale organisations, self-employed and Entrepreneur is in the discussion and will be announced soon.