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Extracts of circular for Due dates for filling GSTR 3B of Feb to July 2020.

*RBI Announcement today:-*

*RBI extends the three-month moratorium, from June 1 to August 31*
*Policy repo rate cut by 40 basis points - from 4.4% to 4%*

*Maximum permissible period of pre and post shipment of credits increased from 1 year to 15 months*
*Rs 15,000 crore to EXIM banks*

RBI allocates Rs 15,000 crore to EXIM banks to avail US dollar swap facility.

*Extra money*

RBI has injected funds amounting to 3.2% of GDP into the economy since the February 2020 monetary policy meeting to tackle the liquidity situation

For any clarification please feel free to contact.

*Important points of the Today’s Press conference of Honorable FM:*

👉 *Six major steps for MSME*
1. Collateral Free Automatic Loan to MSME upto 20% credit outstanding as on feb 2020. No guarantee required. Period 4 Years. No principal repayment for 1 year.
2. Stressed MSME: Subordinate Debt 20,000 crore
3. MSME doing viable business: 50,000 cr. equity infusion for expansion
4. Definition of MSME changed:
a. Micro: Limit revised upward Investment upto 1 cr. or Turnover upto 5 cr.
b. Small: Limit revised upward Investment upto 10 cr. or Turnover upto 50 cr.
c. Medium: Limit revised upward Investment upto 20 cr. or Turnover upto 100 cr.
d. No difference in manufacturing and service sector for Micro Enterprises
5. Government Tenders: Global tenders will be disallowed upto 200 cr.
6. E market linkage for MSME. Within next 45 days all payments will be made to MSME.
👉 EPF: For June, July and August will be paid by Government (72,22,000 employees will be benefitted). Total Rs. 2500 benefit cr.
👉 EPF: Statutory PF deposit limit reduced from 12% to 10% for next 3 months. (6,750 cr.) (except CG and PSU’s)
👉*NBFC, HFC & MFI*; Rs. 30,000 cr. Special liquidity scheme
👉Partial credit guarantee scheme for NBFC: Rs. 45,000 cr scheme. Govt. of India will be guarantor. 20% will be borne by GOI.
👉 *Discom:* Liquidity crisis. Rs. 90,000 cr. infused for improving Liquidity crises. This amount will be paid by PFC and REC.
👉 *Contractors:* Extension upto 6 months to comply with contract conditions.
👉 *Real Estate:* Coviid 19, an event of 'Force Majeure'. Registration and Completion extended for 6 months for all projects expiring o or after 25.03.2020
👉 *Direct tax:*
- TDS/ TCS rates reduced by 25% of existing rates from tomorrow to 31.03.2021(Non salaried) Payment for - VSVS extending upto 31.12.2020. pay without any additional amount.
- Pending refunds of charitable trusts, non corporate business, proprietorship, partnership, LLP and society will be issued immediately.
- *Due dates of IT return for FY 2019-20*
Earlier 31.07.2020 & 31.10.2020 Now 30.11.2020
Tax Audit due date: Earlier 30.09.2020 Now 31.10.2020
- *Date of assessment extended*
From those barring on 30.09.2020 to 31.12.2020
From those barring on 31.12.2021 to 30.09.2021

For any clarification please feel free to contact.

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ET:Income tax return filing deadline extended to August 31 http://economictimes.indiatimes.com/wealth/tax/income-tax-return-filing-deadline-extended-for-certain-category-of-taxpayers/articleshow/65150972.cms
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