Page 51 - GSTL_2nd April 2020_Vol 35_Part 1

2020 ] NEWS DESK J17
have to be provided mental and physical ease to spend time with family (during
the time of lockdown),” Sitharaman said, addressing a press conference vis video
conferencing. The Minister spelt out relief measures relating to compliance with
Income-Tax, GST, Customs and Central Excise, Corporate Affairs, Insolvency
and Bankruptcy Code (IBC), Banking Sector and Commerce, and Fisheries.
Asked about the delay in announcing a comprehensive economic pack-
age, she said the Government had no intention to delay the package. The Parlia-
ment session is over, the Finance Bill has been passed and the Government is
collating views from various stakeholders, she said. Various sub-groups such as
one comprising industrialists, other of academicians and one of Parliamentarians
are looking at various aspects of the economy.
All these consultations will help in finalising the measures the Covid-19
Economic Task Force will take, she said.
On volatility in the stock market and the rupee breaching 76 to the dollar
for the first time, Sitharaman said that all the regulators such as the RBI and SEBI
along with the Finance Ministry are monitoring developments in the market.
“Monitoring is happening thrice a day,” she said, However, asked about,
expanding the fiscal space or redefining norms for Non-Performing Assets
(NPA), she said that any announcement will be made in due course.
GST breather
On changes in GST related compliance announced by the Finance Minis-
ter, M.S. Mani, Partner with Deloitte India, said that the extension of GST return
filing timeline together with the deferment of e-invoicing and new returns an-
nounced earlier would allow businesses to focus on resumption of business pro-
cesses once normality returns.
“The waiver of interest, late fees and penalties for SMEs would enable
them focus on reviving their businesses once things are back to normal,” he said.
On measures for direct taxes, Pranav Sayta, National Leader at EY, said
the Government must he complimented for the swift, comprehensive, manner in
which it has proceeded to grant relief as well as extend various compliance time-
lines.
“This comes as a very welcome measure to reduce stress and uncertainty
for businesses and taxpayers, already reeling under the Covid-19 impact,” he
said.
On the IBC, CII Director-General Chandrajit Banerjee said that raising
the default threshold limit from ` 1 lakh to ` 1 crore will come as a major relief to
MSMEs.
“These measures will greatly help companies where matters are before
NCLT,” he said.
[Source : Business Line, New Delhi, dated 25-3-2020]
Centre, States rollout staggered GST return filing for small
businesses
CBIC notified a special regime for companies undergoing bankruptcy
proceedings
It also extended both electronic invoicing as well as use of dynamic QR code on
retail invoices till 1 October
Central and State Governments have rolled out a staggered monthly
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