During the second wave of Corona, offices are being shut down and production of goods and services has been significantly hit. However, Good news for corporate taxpayers facing trouble in filing returns. The Government of India has taken the initiative to grant relief in the way returns are filed. So there is no tax concession but ease, comfort, and compatibility in filing tax returns by substituting Digital Signature by Electronic Verification Code (EVC)
Consequent to the Pandemic situation, businesses have not been able to use a digital signature that has led to hindrance in filing GST returns.
However, the Government of India announced on Tuesday that digital signature (office restricted) shall be substituted by Electronic Verification Code (that can be done at home also) while filing returns. The Central Board of Indirect Taxes and Customs (CBIC) notified that any registered person shall be allowed to file returns for a period from April 21, 2021, to May 31, 2021 in GSTR-3B and details of outward supplies in form GSTR-1—Verification can be done through EVC.
Before Tuesday it was required for businesses to digitally sign the GSTR-3B form when filing the return and paying the taxes. Consequently, the aforesaid decision has put the entire GST mechanism again on track which was derailed previously.
AMRG & Associates Senior Partner Rajat Mohan said, “GST authorities have finally given the first COVID induced relief during the second wave of the pandemic”. He further added that the aforesaid decision shall benefit hundreds of corporate taxpayers who could not visit the office premises to collect digital signatures certificate during the lockdown.
However, the other side of the coin is a blunt truth that cannot be ignored — the production of goods and services has fallen to a great extent thus presenting downside risks.
The second wave of the pandemic has significantly hit mobility and the economic pain is spreading its wings. It has affected e-way bills, power demand, railway freight & so on and so forth. However, the Government of India has taken steps to ease the modus operandi of filing returns thus providing relief to corporate taxpayers.
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Good to share very important details on Tax. Thanks for sharing.