Finance Minister Nirmala Sitharaman announced a slew of economic relief measures from the lockdown imposed in the wake of coronavirus menace. The last date for filing of Income Tax returns for the Financial Year 2018-19 and Goods and Services Tax (GST) returns for months of March, April, May has been extended to June 30. The finance minister also extended the default threshold from Rs 1 lakh to Rs 1 crore to prevent triggering of Insolvency and Bankruptcy Code (IBC) proceedings against MSMEs. Other measures included lifting of bank charges on ATM withdrawals and waiving the minimum balance limit on accounts.
