Government’s assistance to fight against COVID-19

Earlier this week, PM Narendra Modi announced a lockdown for 21 days as a measure to curb the spread of this disastrous pandemic, as the number of cases is continuous on a rise. The novel coronavirus has not only affected the health of the entire world but all the sectors of our life.

To aid the impacts of this fast-spreading virus, the government of India has taken necessary measures to get the situation under control. The finance minister, Nirmala Sitharaman has announced a few measures to relieve the taxpayers and businesses. They are as follows:

• The income tax filing date for the financial year has been extended to June 30.
• No charges will be charged for debit card holders for withdrawing cash for three months
• The interest rate on delayed payments is brought down to 9%.
• The date for GST filing has been extended to June 30.
• Tax dispute resolution scheme Vivad Se Vishwas extended till June 30. Those availing Vivad Se Vishwas scheme will not have to pay 10% interest on the principal
• No interest, no penalty, no interest late fee for filing delayed returns for

companies with turnover up to Rs 5 crore

• Reduced bank charges for digital trade transactions for all trade finance consumers
• Raising the threshold for default under Insolvency and Bankruptcy Code (IBC) to Rs 1 crore
• In respect of MCA 21 registry, a moratorium being issued till September 30, 2020

As the number of cases of COVID-19 has risen, to support the health department with medical necessities, the central government of India has prohibited the export of sanitizers, ventilators, and ICU equipment, effective immediately. The government has also announced that COVID-19 treatment will now be included in Ayushman Bharat PMJAY scheme.

As of now, these are the relief schemes and measures announced by the government. More information and news are being awaited. PM Modi will be addressing the nation live for the second time, so take it as an opportunity to stay updated.