Credit score and Finance for MSMEs: MSMEs and startups, reeling underneath the Covid affect, have urged the federal government to increase the GST cost and return submitting deadlines for the month of March, April, and Could to June 30, 2021. In response to a current survey of MSMEs and startups by neighborhood social media platform LocalCircles, as a lot as 80 per cent respondents urged extension of deadlines describing challenges confronted in submitting GST funds and returns for the month of March. Finance Minister Nirmala Sitharaman had supplied an analogous extension on ITR submitting and GST return deadline final 12 months.
“MSMEs and startups have been requesting extension of the GST cost and submitting deadlines as in lots of states there have been curfew and lockdown restrictions which have been imposed since early or mid-April stopping them from assembly these deadlines. The respondents need the federal government to increase the deadline with out penalty,” Sachin Taparia, Founder and Chairman, LocalCircles informed Monetary Specific On-line. The survey, performed between April 21-22, noticed the participation of two,370 startups, MSMEs, merchants, and repair suppliers positioned in 122 districts of India. LocalCircles had additionally escalated the request for motion to Sitharaman by way of a letter despatched final week.
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The federal government had already introduced the extension of the deadline for funds underneath the Direct Tax Vivad Se Vishwas Act, 2020, and a few compliances underneath the Earnings Tax Act by two months until June 30. The aid provided to taxpayers, tax consultants, and different stakeholders final week included, “Time restrict for passing of any order for evaluation or reassessment underneath the Earnings-tax Act, 1961 the time restrict for which is supplied underneath part 153 or part 153B thereof; Time restrict for passing an order consequent to course of DRP underneath sub-section (13) of part 144C of the Act; Time restrict for issuance of discover underneath part 148 of the Act for reopening the evaluation the place earnings has escaped evaluation; and Time Restrict for sending intimation of processing of Equalisation Levy underneath sub-section (1) of part 168 of the Finance Act 2016,” in accordance with the Finance Ministry assertion.
Merchants’ physique Confederation of All India Merchants (CAIT) had additionally urged the federal government final week to defer 11 GST compliances and 15 compliances underneath the Earnings Tax Act by three months. In response to the federation, which represents round 8 crore merchants throughout 40,000 commerce associations in India, returns together with GSTR-3B, GSTR-1, GSTR-4, CMP-08, GSTR-5, GSTR-5A, GSTR-6, GSTR-7, and GSTR-8 have been due in April together with the due date for concern of TDS certificates for tax deducted underneath part 194-IA, IB, and 194M, a quarterly assertion in respect of international remittances in type 15CC, furnishing type 3BB, type 24G, challan-cum-statement in respect of tax deducted underneath part 194-IA, and so on., of the Earnings Tax Act.