FM Reliefs GST & Tax Compliance Over COVID-19 Pandemic

FM Reliefs GST & Tax Compliancea

The union finance minister Nirmala Sitharaman has finally taken some relief measures on the basis of currently widespread coronavirus pandemic. The decisions are taken to provide relaxation to the various sectors as well as to the taxation industry. In her video conference with all the state finance ministers and panel, she has talked on all the sectors including Income Tax, GST, Customs & Central Excise, Corporate Affairs, Insolvency & Bankruptcy Code (IBC), Banking Sector and Commerce.

Announcement Related to Income Tax Act

Announcements Regarding GST ACT

MCA Matters Announcement

  • MCA-21 registry – moratorium issued from 01.04.2020 to 30.09.2020. No additional late fees.
  • For Board meetings – relaxation by a period of 60 days for next two quarters
  • CARO 2020 will be made applicable from Financial Year 2020-21 and not this year.
  • For the Financial Year 2019-20, if independent directors are not able to hold any meeting then it will not be considered as default.
  • For new incorporated Companies, declaration of commencement of business can be furnished within an additional 6 months to the already existing 6 monthly limit
  • Director of Resident Company who does not comply with minimum requirements of residing for 182 days – now relaxed
  • The requirement of deposits reserves of 20% by the month of April now shifted to 30.06.2020.
  • The requirements of 15 percent debentures maturing in specified instruments before 30.04.2020 extended till 30.06.2020

Insolvency and Bankruptcy Code

  • A threshold of Rs. 1 lac is now raised to Rs. 1 cr to protect MSME effective immediately
  • Only If the situation worsens, sections 7, 9 and 10 of IBC are expected to be suspended for 6 months.

Other Important Points

Department of Financial Services

  • Debit cardholders who withdraw cash from any ATM (bank) from any bank – without any charge for 3 months
  • No minimum balance requirements fee for three months
  • Decrease bank charges for digital trade transactions for trade finance consumers

Sourabh Kumar

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4 thoughts on “FM Reliefs GST & Tax Compliance Over COVID-19 Pandemic

  1. In regarding of GST payment for the month of Feb.2020

    We are filling the return on a monthly basis and our turnover is more than 5 crore.
    which due date of GST Payment for the month of Feb-2020, March-2020, April-2020,
    Please send your comment

  2. In regarding of GSTR-1 Return
    We are filling the return on a monthly basis and our turnover is more than 5 crore.
    which due date of filing GSTR-1 Return for the month of March-2020, April-2020, and May-2020

    Please send your comment

    1. “The due date for issue of notice, notification, approval order, sanction order, filing of an appeal, furnishing of return, statements, applications, reports, any other documents, the time limit for any compliance under the GST laws where the time limit is expiring between 20th March 2020 to 29th June 2020 shall be extended to 30th June 2020.”

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