Statement by Mr. Colin Shah, Vice Chairman, Gem & Jewellery Export Promotion Council of India (GJEPC), on relief in the financial year end related operational measures announced by Hon. Union Finance Minister

Mr. Colin Shah, Vice Chairman, Gem & Jewellery Export Promotion Council of India (GJEPC), said, "We welcome the relief in the financial year end related operational measures announced by Hon. Union Finance Minister Smt. Nirmala Sitharaman as these will give some relief to a lot of very worried entrepreneurs. We eagerly await the economic relief financial package to be announced by the Government. Exporters welcome the announcement that Customs will now function as essential services and will be working 24X7 till 30 June 2020. We welcome the extension in the last date for filing IT returns and GST returns (March 2020, April 2020, May 2020 and composite returns). Hon. Union FM's announcement that companies with annual turnover of less than Rs. 5 crores will not be levied any interest, penalty or late fees wrt GST till 30 June 2020 will help MSMEs in the gem & jewellery sector. We welcome reduced interest rate at 9% for late deposits of TDS till 30.06.2020. We welcome extension of last date for schemes such as Vivaad Se Vishwas and Sabka Vishwas Scheme for businessmen. All notices /appeals/ proceedings / filing dates are now extended till 30.06.2020. We also welcome reduction in interest rates for penalty being charged for late payments."