MCCI Seeks Relief on Advance Tax & GST Filings Due to Covid19

Amidst the degrading situation of the Indian economy caused due to the Corona Pandemic, several industries are looking forward to the Indian government to support the businesses that are constantly stumbling due to the ups and downs in the market. Several industries are seeking some sort of relief in payment policies of GST Check out due dates of payment under GST for general and composition taxpayers in India. We have included penalty charges on late payment with interest along with abandoning demurrage fees and interest on tax payments.

The memorandum was sent to Union Finance Ministry by the president of Ramkumar Ramamoorthy, Madras Chamber of Commerce & Industry (MCCI) one of the traditional and established industry bodies operative in India, saying that “The widespread of this Pandemic Disease (Corona Virus) is causing exports to considerably fall down, cess is increasing on exports and there is an acute scarcity of workforce, non-availability of certain imports, considerable decrease in consumption, are further adding on to the adverse situation.”

The more adverse the situation more has to be the effectiveness of its measures. The memorandum further said that the due date for advanced tax payment The complete guide to advance tax along with payment calculation, due dates and guidelines. We describe the advance tax payment calculation formula for easy learning. Read more to defer and also the interest to reduce u/s Sections 234B and 234C of the Income Tax Act. The note also asked for postponing the due date for GST payments (currently March 2020 end) and to have control over GST recovering procedures on exports that are further declining the export businesses that are already struggling with the widespread Coronavirus.

The memo by MCCI further declared that all the cargoes are subject to investigations that are further delaying the clearance. The government must further stop levying demurrage or interest or penalty on delays amidst the prevailing scenario. The memo asked for relaxation under bankruptcy code Know about insolvency and bankruptcy code Bill, 2020 (second amendment). Read features like the threshold of creditors, continuous supply of critical goods, liabilities of previous offenses and much more or IBC.

IBC should not target tradings that are in initial months of establishment and also dealing with the impugn of the virus. There must be a ban on the verses of Section 7 and 9 of the IBC Act at least for the next few months until the threat of the virus is lessened. Classification of NPAs as per current RBI guidelines should be deferred for a few months, the memo said.