How Govt is helping Indian Aviation with Economic Measures?

• IT Return Deadline has been extended to 30th June 2020

Income Tax return deadline for year 2018-2019 has been extended to 30th June 2020. Previously it was 31st March 2020.

• Deadline for GST Return Extended to 30th June 2020

All the airlines , maintenance companies etc used to collect GST from the clients and travelers. All the companies are supposed to file the GST return in every 3 months. This deadline has been extended from 31st March to 30 June 2020. This will give little relief to all Airlines. ( Mar, Aprl and May )

• Custom Department open till 30th June 2020

Since there will huge imports for various things, all the custom departments will remain open 24*7 till 30th June 2020.

• Board Meeting- 60 Days for 2 Quarters

The mandatory requirement of doing the Board meeting which was previously every months has been extended to 60 more days. Even if there was no meeting in current financial year, it will not be considered as violation.

• 15% Investment Debenture

Every company whose Debenture is getting mature in this current period were supposed to invest 15% by 30th April, this has been extended to 30th June 2020. (What is Debenture )

• MSME Company Default raised to 1 Crore.

Previously if any company defaults of Rs 1 lakh, there was a provision to do forced bankruptcy. Now this limit of 1 lakh for bankruptcy has been extended to Rs 1 Crore.

Summary

Govt of India has tried to give some economic measures, but these measures are only on compliance part, Govt didn’t give any support on financial aspects. Entire country was expecting there will be some measures for boosting economy and supporting companies with some financial benefits, but this didn’t happen and it may cause further panic and there will be further Job losses across the country.

Few Days back, we published a article How Govt can help India Aviation, but Govt didn’t take any measures for the same.

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