Select Your Location
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.
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.
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
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
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.
Deepti is a Law graduate with an avid interest in reading and very proficient in summarizing legal cases. She has enough experience in handling legal affairs of the company. In the initial days of her career, she has worked as a legal researcher and has 3+ years of experience.
In the recent past, India has seen burgeoning demand for internet and smartphones. The rapid ri...
The Securities and Exchange Board of India (SEBI), the capital markets regulator, has recommend...
The objective of the enactment of the Prevention of Money-laundering Act, 2002, i.e. PMLA (the...
Tax planning is a continuing effort and a management strategy for ensuring the minimization of...
On 18th May 2023, the Securities Exchange Board of India (SEBI) released a Consultation Paper o...
Infrastructure and real estate have been regarded as India's "sunshine sector" since the turn o...
On 22nd May 2023, the Central Board of Direct Taxes (CBDT) issued a new circular under secti...
Anyone can have different sources of income. With globalization and the opening up of economies...
The Reserve Bank of India (RBI) is crucial in regulating NBFC, including branch openings and cl...
In India, Non-Banking Financial Companies are subject to certain restrictions from taking publi...
Are you human?: 9 + 8 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
The interim budget of 2019 came as a big relief for the common people of India. Accordingly, Finance Minister Piyus...
11 Feb, 2019
The Central Board of Direct Taxes notified about the clarification on provisions of direct tax Vivad se Vishwas Act...
27 Jan, 2021
Red Herring Top 100 Asia enlists outstanding entrepreneurs and promising companies. It selects the award winners from approximately 2000 privately financed companies each year in the Asia. Since 1996, Red Herring has kept tabs on these up-and-comers. Red Herring editors were among the first to recognize that companies such as Google, Facebook, Kakao, Alibaba, Twitter, Rakuten, Salesforce.com, Xiaomi and YouTube would change the way we live and work.
Researchers have found out that organization using new technologies in their accounting and tax have better productivity as compared to those using the traditional methods. Complying with the recent technological trends in the accounting industry, Enterslice was formed to focus on the emerging start up companies and bring innovation in their traditional Chartered Accountants & Legal profession services, disrupt traditional Chartered Accountants practice mechanism & Lawyers.
Stay updated with all the latest legal updates. Just enter your email address and subscribe for free!
Chat on Whatsapp
Hey I'm Suman. Let's Talk!