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The outbreak of coronavirus or commonly known as Covid-19 has impacted the lives of both, general citizens as well as the trade and businesses. In this situation where lockdown has been declared the business persons were expecting some relief in deadlines for payment of taxes and interests. The Honourable Supreme Court recently ruled on the Force Majeure Clause to save businesses from delay in execution of their contracts and also its financial implications. Looking at the ongoing issue the Union Finance and Corporate Affairs Minister Nirmala Sitharaman announced several Relief Measures Related to Covid-19 Outbreak to measures which were decided by the Government of India amidst the Covid-19 outbreak.
The measures are mainly focused on statutory and regulatory compliance matters which are related to several sectors such as Income Tax, GST, Customs and Central Excise, Corporate Affairs, IBC or Insolvency or Bankruptcy Code, Fisheries, Banking Sector and Commerce.
There were many persons of different ministries present along with the Finance Minister like Shri Anurag Singh Thakur-Minister of State and Corporate Affairs, Shri A.B. Pandey- Finance Secretary, Shri Atanu Chakraborty- Secretary, Department of Economic Affairs.
Table of Contents
The due dates have been extended as relief measures related to Covid-19 Outbreak for GST.
More on Covid-19 Outbreak: Spurt in Demand for Food Products amid Covid-19 Outbreak .
As relief measures related to Covid-19 Outbreak specific changes have been made in customs:
Relaxation provided for 3 months on:
During the suspension period from 1st April to 30th September 2020 no additional fees shall be charged with respect to any document, return etc. which is required to be filed in the registration of MCA-21, irrespective of its due date which will not only reduce the compliance burden, including financial burden of companies or LLPs but also enable long-standing non-compliant companies or LLPs to make a ‘fresh start’.
The Board meeting of the companies as prescribed in the Companies Act, 2013 of 120 days shall be extended by a period of 60 days till next two quarters that is 30th September.
To ease the burden of the companies and their auditors the Companies (Auditor’s Report) Order, 2020 shall apply from the financial year 2020-21.
The newly incorporated companies which are required to file declaration for commencement of business within six months of its incorporation have been given an additional time of 6 months to file declaration.
As part of relief measures related to Covid-19 Outbreak for the department of fisheries, the following announcements are made:
The Ministry of Commerce will provide detailed notifications relating to the extension of timelines for various compliances and procedures with regard to relief measures on Covid-19 Outbreak.
Government is taking active steps considering the 21 days lockdown starting from today, i.e. 25th March 2020. The businesses will get a sigh of relief through these announcements. More announcements are expected in the near future if lockdown continues beyond 21 days period. The Government is trying its best to provide relief measures related to Covid-19 Outbreak.
Also, Read: Finance Bill 2020 Passed by Lok Sabha.
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