Union finance minister Nirmala Sitharaman waived minimum balance charges for savings bank accounts to help citizens deal with the lockdown due to the coronavirus crisis. Also, debit card holders can now withdraw cash from ATMs of all banks free of charge for the next three months.
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Sitharaman further extended the deadline for filing GST (goods and services tax) returns for March-May to June 30. On late filing of GST returns, no late fee, penalty or interest will be charged for companies with turnover of up to Rs 5 crore. For companies with more than Rs 5 crore turnover, no late fee and penalty will be charged on GST return filed by 15 days. A reduced interest rate of 9 per cent will be charged.
