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23 Apr 2020Posted By: Mudit Handa


Relief Measures by Indian Government during COVID-19 Lockdown

We all know that today the world is facing the Novel Coronavirus pandemic or COVID-19, which has caused a global economic depression. In India, the government has imposed lockdown till 3rd May 2020, which has disturbed the normal course of business. As a result, businessmen can’t fulfill their regular compliance. 

In order to give them relaxation, the government has introduced announced a number of relief measures to help the businessmen during COVID-19 Lockdown. All the Business Compliance Due Dates have also been extended.

With the motto of “Jaan Bhi, Jahan Bhi”,  the government of India has provided numerous relief measures for the Indian businessmen.

Here are all the Relief Measures introduced by the Indian Government during COVID-19 Lockdown explained in detail.

 

#1. Direct Tax Reliefs

As per the situation of COVID-19, Government has introduced the following relaxations in respect of Income-tax return filing:

  • The due date for the Belated / Revised Income-tax Return filing date extended to 30th June 2020 without any additional penalty.

  • Delayed payment of selfassessment tax made between March 20th, 2020 to June 30th, 2020 will be liable to interest at a reduced rate of 9%.

  • All pending Income Tax Refunds up to INR 5 Lakhs have started being disbursed, benefitting more than 14 Lakh taxpayers.

  • Investments and other payments under the provisions of section 54- 54GB (Capital Gain) and under Chapter VI-A from Section 80C to 80GGC (deductions) has been extended up to 30th June 2020.

  • Extension for passing of order and issuance of notice by authorities under various Direct Tax and Benami Transaction Act till 30th June 2020

  • The revised timelines to furnish TDS/TCS statement for quarter four for the financial year 2019-20 is June 30, 2020.

  • The due date for Aadhaar-PAN linkage extended to 30th June 2020 from 31st March 2020. 

  • The SEZ which got an essential approval by 31st March 2020, the date of commencement of operations for claiming deductions u/s 10AA of Income Tax Act 1961 has additionally been stretched out to 30th June 2020 

  • For taxpayers holding a Nil/Lower deduction certificate, such declaration will stay legitimate till 30th June 2020 except if another testament is given. 

  • The deadline to pay the disputed amount under Vivad se Vishwas Scheme has now been stretched out till 30th June 2020. This will without payment of an additional 10% interest.

  • The contribution made to PM CARES Fund up to 30th June 2020, shall be eligible for 100% deduction u/s 80G of the Income Tax Act.


#2. GST related reliefs

In order to help the merchants having GST registration, the GST department has given certain reliefs in Goods & Services Tax laws. Those are listed below:-

  • All the compliances which fall during the period from 20/03/2020 to 29/06/2020" till 30th June 2020 and to extend the validity of e-way bills.

  • Taxpayers are also provided relief from Rule 36(4)-110% of GSTR-2A. 

  • The cumulative compliance is for the period February to August 2020, and adjustments have to be furnished in the return in FORM GSTR-3B of September 2020 for the cumulative period. 

  • Till 17th April 2020 and since 30th March 2020, CBIC has processed 12,923 refund applications worth INR 5,575 Crore.


#3. GST return filing relaxations

Seeing the inability of taxpayers to fulfill the GST compliance due to COVID-19 Lockdown, the GST department has given relaxation in GST return filing. The new extended due dates of GSTR-1 & GSTR-3B:-

I. Due Dates of GSTR-1

Type of return

Month 

Due date

Monthly 

Feb 2020

10/3/2020

Mar 2020

30/6/2020

Apr 2020

30/6/2020

May 2020

30/6/2020

Quarterly 

Mar 2020

30/6/2020

Jun 2020

31/7/2020

 

II. Due Dates of GSTR-3B

Type of return

Month 

Due date

For turnover > INR 5 crore

Feb 2020

24/6/2020

Mar 2020

24/6/2020

Apr 2020

24/6/2020

May 2020

27/6/2020

For turnover between INR 1.5 crore to 5 crore

Feb 2020

29/6/2020

Mar 2020

29/6/2020

Apr 2020

30/6/2020

May 2020

12/7/2020

For turnover < INR 1.5 crore

Feb 2020

30/6/2020

Mar 2020

3/7/2020

Apr 2020

6/7/2020

May 2020

12/7/2020

These are the relaxations for the merchants during COVID-19 lockdown.

 

If you require any other guidance with respect to the filing of income tax return filing, GST registration, GST return filing, please feel free to contact our business advisors at 8881-069-069.

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