Covid-19 Outbreak – India announces First relief measures
Covid-19 Outbreak – India announces First relief measures Earlier this week, amidst the deadly contagion, for the first time, the Indian FM announced several relief measures relating to Statutory and Regulatory compliance matters across Sectors amidst the pandemic. The relieve measures announced were much needed in areas of Income Tax, Goods & Service Tax (GST), Customs & Central Excise, Corporate Affairs, Insolvency &Bankruptcy Code (IBC), Fisheries, Banking Sector and Commerce generally. The FM also followed up declaring a huge relief package for the Poor in India as well after the announcement of country lockdown. This update attempts to summarise the relieve measures based on the press release notification as issued by the FM’s office. Following are the decisions with respect to statutory and regulatory compliance matters related to various sectors: Income Tax 1. Extend last date for Income tax returns for (FY 18-19) from 31st March, 2020 t