The Society of indian Automobile Manufacturers (SIAM) has welcomed the Finance Ministry's decision in the wake of the COVID-19 pandemic. Earlier today, Finance minister nirmala sitharaman announced a range of steps for the extension of statutory and regulatory compliances in order to stabilise the indian economy. The central government has formed an Economic Task Force that will soon announce an economic relief package that will help deal with the impact of the coronavirus outbreak that's spreading across the country. Moreover, prime minister narendra modi announced tonight that the country will be under lockdown from march 25, 2020, for the next 21 days.
Speaking about the announcements, Rajan Wadhera, President, SIAM said, "The series of announcements made by the Finance minister today, with regard to the extension of return filing for GST and Income Tax till june 30, declaration of 24x7 customs clearance as essential service, and many more relaxations in Insolvency and Bankruptcy Code and penalty charges for companies, especially MSMEs, will lessen the challenges for companies in the immediate term.
The earlier announcement of spending for COVID-19 being eligible for CSR activities, along with today's series of announcements on compliance and regulatory norms, are all in the right direction."