CRR – Reduce CRR of all banks by 100 basis points to 3%
All Commercial banks and lending institutions are allowed to have moratorium of 3 months on all term loans from 01-03-2020.
Deferring of Interest payment for working capital loan outstanding as on 01-03-2020.
Both measure will not result in downgrading the asset classification.
Rate cut of 75 basis point. The rate reduced to 4.4%
Reverse repo rate reduced by 90 basis points and revised rate is 4%
Commerce
For various commerce related schemes, extension of time line will be given and there will not be extension/modification in the scheme guidelines.
The extract of press note is given below:
The extract of Press note is given below:
GST
Customs & Central Excise
To see extract of press note, please see the link below:
Please see the link below for the press note:
As a precautionary measure our office in Coimbatore, Tamilnadu and Ottapalam, Kerala, will remain closed till 31st March, 2020. We regret for the inconvenience caused to any of our clients, associates etc. in this regard.
In case of emergency, our partners will be available at the following numbers:
CA.Sunil E – Coimbatore – +91 9444998044
CA. Karthik Narayanan S – Ottapalam – +91 9447392654
You can also email us @ karthikandsunil@gmail.com.
Thank you for the understanding.
CBIC by way of press release dated 23rd March, 2020 extended the due date for filing following returns:
GSTR-3B of February, 2020 extended to 07th April, 2020 for all registered persons.
Opting for Composition Scheme : Extended till 07th April, 2020 from 31st March, 2020.
GSTR – 9 & GSTR – 9C: The due date is extended to 30th June, 2020 from 31st March, 2020.
Ministry of Corporate Affairs had issued General Circular No./2020 dated 04th March, 2020, introducing a new scheme, which provide relief to LLP’s which had defaulted in filing various forms/documents on the due dates mentioned in LLP Act, 2008 and the Rules made there under.
Period of the Scheme: This scheme shall come into force on the 16th March, 2020 and shall remain in force up to 13th June, 2020.
Applicability: LLP” is permitted to file belated documents, which were due for filing till 31st October, 2019 in accordance with the provisions of this Scheme
Fees & Additional Fees: payment of additional fee Rs 10/- per day for delay in addition to any fee as is payable for filing of such document or return, provided that such payment of additional fee shall not exceed Rs. 5,000/- per document.
Applicable Documents/Forms
(i.) Form-3 – Information with regard to limited liability partnership agreement and changes, if any, made therein;
(ii.) Form-4 – Notice of appointment, cessation, change in name/address/ designation of a designated partner or partner and consent to become a partner/ designated partner;
(iii.) Form-8 – Statement of Account & Solvency (Annual or Interim);
(iv.) Form-11– Annual Return of Limited Liability Partnership (LLP).
Immunity from prosecution in respect of document(s) filed under the
scheme: The defaulting LLPs, which have filed their pending documents till
13th June 2020 and made good the default, shall not be subjected to prosecution by Registrar for such defaults.
