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Finance Minister Nirmala Sitharaman will address a press conference at 4 pm on May 13 detailing the Rs 20 lakh crore economic package announced by Prime Minister Narendra Modi on May 12. PM Modi said the economic measures earlier announced by the government to tackle the COVID-19 pandemic, steps taken by the Reserve Bank of India (RBI), and the latest package will come up to a total of Rs 20 lakh crore, nearly 10 percent of India's gross domestic product (GDP). "In order to prove the resolve of a self-reliant India, Land, Labor, Liquidity and Laws all have been emphasised in this package." PM Modi said in his address to the nation. Finance Minister Smt.  @nsitharaman  will address a Press Conference today, 13th May 2020, at 4 PM in New Delhi.

Prime Minister Narendra Modi on May 12 addressed the nation amid the ongoing nationwide lockdown. This phase of the lockdown is set to end on May 17. His address came a day after his meeting with state chief ministers where he sought suggestions on the lockdown strategy. Here are the key takeaways from his address today: >> PM Modi announced a special economic relief package in light of the ongoing situation due to the COVID-19 outbreak. He said the economic measures earlier announced by the government to tackle the COVID-19 pandemic, steps taken by the Reserve Bank of India (RBI), and this latest package will come up to a total of Rs 20 lakh crore, nearly 10 percent of India's gross domestic product (GDP). >> The package, he said, will focus on land, labour, liquidity and laws. >> He emphasised the need for a self-reliant India, the five pillars of which will be economy, infrastructure, technology-driven system, demography and demand. >> PM Modi...

The government has brought an ordinance to extend due dates for compliances under various tax laws. In CGST Act, new Section 168A empowers it to extend the time-limit specified or prescribed in respect of actions which cannot be completed or complied with due to force majeure. Epidemic has been included in the new definition of force majeure. Notifications have been issued relaxing due dates for filing returns, granting interest waiver, reduced interest for delayed payment and waiver of late fee. A second round of GST relief is due. The time for payment of tax can be extended, or payment in instalments can be allowed as per Section 80 of CGST Act. A maximum of 24 instalments can be permitted. For such payment, interest will be applicable. CBIC may issue a circular highlighting the provision. Commissioners may be instructed to take a liberal view for permitting instalments. No amendment to law is required, and simple instruction with wider publicity is sufficient. Reduced ra...

The interim action plan also instructed officials to dispose of all the application concerning granting registration to charitable trusts received upto March 31 After rejecting “ill-conceived” suggestions by a group of Indian Revenue Services (IRS) officers, the Central Board of Direct Taxes (CBDT) directed officials not to keep any communication with assessees or issue scrutiny notices to them without the board’s approval. According to it, any such notice would have an “adverse effect” on the assessees amid the coronavirus (Covid-19) pandemic. These directives are part of the interim action plan for the first quarter (April-June) prepared by the direct tax board. It highlights certain areas which need immediate attention and preparedness until normalcy returns.  The move comes at a time when the tax department faced widespread criticism on a report prepared by a group of IRS officers. It had created panic and tax policy uncertainty at a time when India is already going through a d...

The Central Board of Indirect Taxes and Customs (CBIC), today further extended the validity period of the e-way bills generated during March amid the pandemic situation, till 31st May 2020. In a circular issued last month, the Board had clarified that the e-way bill will not be expired during the 21-day lockdown period announced by the Government in order to avoid the spread of COVID-19. As per the circular, the validity of the e-way bill would be expired on 30th June 2020. In the notification issued today, the Board said that where an e-way bill has been generated under rule 138 of the Central Goods and Services Tax Rules, 2017 on or before the 24th day of March, 2020 and its period of validity expires during the period 20th day of March, 2020 to the 15th day of April, 2020, the validity period of such e-way bill shall be deemed to have been extended till the 31st day of May, 2020.”

As most small businesses remain on the brink of collapse due to the Covid-19 crisis, raising the spectre of unprecedented job losses, the government is considering a raft of relief measures, including setting up a Rs one lakh crore fund to expedite clearances of dues owed to MSMEs, guarantee on the enhanced limit of loans (up to 20%) and a mechanism to help them pay salaries to their employees. Some of these proposals were discussed at a review meeting of the MSME sector, chaired by Prime Minister Narendra Modi last week, sources told FE. While the total amount of fiscal intervention for MSMEs still remains unclear, industry executives believe it could be worth Rs 2-3 lakh crore, including the guaranteed loan amount. The relief for MSMEs would be part of the next stimulus package that the government has been working on to prop up a battered economy. In an interview to CNBC-TV18 on Monday, MSME and transport minister Nitin Gadkari said the proposal to grant official guarante...