In the wake of the country’s current situation where the entire economy has collapsed due to the COVID-19 outbreak, the Indian government has taken another big step favoring the businesses and taxpayers. The government on Wednesday declared that it is going to release ‘Custom Refunds’ for around 1 lakh businesses including MSMEs 
View the impact of GST law on startups and SMEs (small and medium enterprises) in India. The tax will provide great relief to these companies (experts reveal). Read More. After sessions of long discussions, the government landed on the conclusion to issue all the pending GST and Customs refunds that would help around 1 lakh business entities including MSMEs. This refund would cost around Rs. 18,000 Crore to the government, said by experts.
Government also granted relief to businesses and individual taxpayers by announcing the immediate outcome of pending income tax refunds that would cost up to Rs. 5 lakhs benefiting 14 lakh taxpayers. Fast online refunds (IT, GST and Customs) with no human interference must revive the condition of MSMEs who are right now struggling with an extreme cash crunch, said Harpreet Singh, partner KMPG. GST due dates for annual return filingView the due dates of GST return filing forms of GSTR 1, GSTR 3B, GSTR 4, GSTR 5, GSTR 6, GSTR 9, GSTR 9C, etc. The dates are according to the Indian Govt announcement. Read More, applying for composition scheme, return filing under composition scheme for March, April and May 2020 has been extended till 30 June 2020to remove the compliance burden from the taxpayers who are already struggling with the distorted economy.
FM Nirmala Sitharaman declared that businesses in India with an annual turnover of less than Rs. 5 Crore are immune from paying interest, late fees or penalty. For bigger firms interest or any penalty will be charged by 9%. Taxpayers are urging for more relaxations from the government and are wanting a refund of the stuck GST. “As a next step Government could look at, expediting the issuance of benefits under Foreign Trade Policy i.e. Service Exports India Scheme (SEIS) and duty drawbacks. This could provide relief to a lot of small service and goods exporters,” adds Singh.
The instances where businesses are struggling with cash crunch while resuming their normal operations, the government’s step towards granting GST refunds 
Get to know about official GST refund process under GST regime as finalized by the GST Council. We have included terms and conditions of all aspects. Read More will help them revive their business. Businesses that are the greatest victims of the lockdown would be motivated to help the business and ultimately the economy to prosper again. Download and view official press release by the Indian Government
