Dr. Niranjan Hiranandani – President – ASSOCHAM, and NAREDCO said that “A positive step indeed, with a broader economic package to be announced. The Hon’ble Finance Minister has made a slew of announcements, which largely defer mandatory filing dates in most instances from 31 March to 30 June 2020. This rescheduling of regulatory compliances is much appreciated to combat the current statutory dues.
The move to enhance the amount of default for IBC filing from 1 Lakh to 1 crore is a strong move in the right direction to help companies recover from default-related challenges. The Finance Minister’s statement on equity markets being closely monitored, as also the banking related announcements – no minimum balance requirement; no charge for withdrawals from other bank ATMs, as also digital payment charge waivers will uplift the citizen spirits.
He further stated that “The 8-point economic relief announced – Income Tax compliance; GST compliance; Customs compliance; MCA compliance; IBC compliance; Fisheries compliance, Bank-related compliance, and Commerce-related compliance is a great push for companies to realign their regulatory compliances.
The statutory obligations relief for Companies makes for a good starting point for the economic revival curve especially for the large base SME and MSMEs in India. Industry to look forward to the broader economic packages like One time Roll Over for debt restructuring across the industries to be announced soon for resurrecting economic health of Industries”, he concluded.
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