Covid influence on MSMEs: Traders’ body Confederation of All India Traders (CAIT) has urged the government to defer as several as 11 compliances below Goods and Services Tax (GST) and 15 compliances below the Income Tax Act by 3 months in the wake of Covid crisis in the nation. The confederation, which represents about 8 crore traders across 40,000 trade associations in India, requested Finance Minister Nirmala Sitharaman in a communication to postpone these compliances that traders have to comply with in April. “Non-compliance of these stipulations will attract huge penalties on traders across the country,” CAIT mentioned.
“In these tough times when all the state governments are taking strict precautionary measures such as complete curfew, night curfew, 72-hour lockdown, complete lockdown, containment zones, etc., in order to restrict the spread of Covid-19 in their states, it will not be possible to comply with all these statutory compliances in time,” CAIT National President BC Bhartia and Secretary General Praveen Khandelwal mentioned in a statement.
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Returns such as GSTR-3B, GSTR-1, GSTR-4, CMP-08, GSTR-5, GSTR-5A, GSTR-6, GSTR-7, and GSTR-8 have been due in April along with the due date for situation of TDS certificate for tax deducted below section 194-IA, IB, and 194M, a quarterly statement in respect of foreign remittances in type 15CC, furnishing type 3BB, type 24G, challan-cum-statement in respect of tax deducted below section 194-IA, and so forth., of the Income Tax Act, according to CAIT.
“For Delhi, the daily business loss due to lockdown is likely to be around Rs 600 crore while for overall India, the daily loss could be around Rs 30,000 crore taking into account full lockdown, partial lockdown, night curfews, and other forms of restrictions,” Khandelwal had told TheSpuzz Online earlier this week.
The government, on Saturday, had announced relief for taxpayers, tax consultants and other stakeholders, by extending the deadline for payments below the Direct Tax Vivad Se Vishwas Act, 2020 and some compliances below the Income Tax Act by two months till June 30. These integrated, “Time limit for passing of any order for assessment or reassessment under the Income-tax Act, 1961 the time limit for which is provided under section 153 or section 153B thereof; Time limit for passing an order consequent to direction of DRP under sub-section (13) of section 144C of the Act; Time limit for issuance of notice under section 148 of the Act for reopening the assessment where income has escaped assessment; and Time Limit for sending intimation of processing of Equalisation Levy under sub-section (1) of section 168 of the Finance Act 2016,” according to the Finance Ministry statement.
India has been witnessing a surge in Covid circumstances given that mid-February amid the second wave of the pandemic. The nation, facing a shortage of crucial life-saving supplies such as healthcare oxygen, reported 3,49,691 new circumstances, 2,767 deaths, and 2,17,113 discharges in the last 24 hours, as per Union Health Ministry. India’s total quantity of Covid circumstances jumped to 1,69,60,172, when active circumstances surpassed the 26-lakh mark, as per the ministry’s information.