No.PR-7
April 11, 2020
New Delhi
PHD Chamber organizes a Webinar on Pandemic COVID-19-Relief Measures taken by the Government in Indirect Taxes
PHD Chamber organizes a Webinar on Pandemic COVID-19-Relief Measures taken by the Government in Indirect Taxes, on Friday, 10th April 2020. The session was attended by around 100 delegates.
Shri Pradeep Multani, Vice President, PHD Chamber while addressing the participants in the Webinar appreciated the Government for undertaking proactive and fast track measures to combat the impact of pandemic COVID-19 on trade and industry. He accentuated that the relief measures will enable businesses to sustain themselves in the current atmosphere and will have a positive impact on economic activities and more importantly remove uncertainty in the system.
We appreciate the Government to provide immediate relief to the business entities and individuals, to issue all the pending income-tax refunds up to Rs.5 lakh, immediately, which will benefit around 14 lakh taxpayers and the government’s decision to issue all pending GST and Custom refunds will further benefit around 1 lakh business entities, said Mr Multani.
Shri N K Gupta, Chair, Indirect Taxes Committee mentioned that the objective of this webinar is to understand and anaylse the impact and implications of various relief measures announced by Hon’ble Union Finance Minister Smt. Nirmala Sitharaman relating to statutory and regulatory compliance matters from an indirect tax perspective.
Highlighting some of the key measures including last date for filing GSTR-3B in March, April and May 2020 extended till the last week of 30th June, 2020 for those having aggregate annual turnover less than Rs. 5 Crore, no interest, late fee, and penalty to be charged for any delayed payment made between 20th March 2020 and 30th June 2020 reduced rate of interest @9 % per annum (current interest rate is 18 % per annum) will be charged, no late fee and penalty to be charged, if complied before till 30th June 2020 etc. are highly appreciable and will go a long way in providing relief to the citizens and industry and shield them from the brunt of the Covid-19 spread, said Mr Gupta.
The pandemic COVID-19 leads to a change in consumption trends and reforms are required by the Government to boost up the consumption pattern, It is suggested that the Government should rationalize the GST rate structure by merging the 18% tax slab with 12% tax slab to simplify GST and increase the production, said Mr Gupta.
Dr Gaurav Gupta, Co-chairman, Indirect Taxes Committee explained the concept of due date for filing GSTR-3B for April-Sept 2020 vide Notification No. 29/2020 – Central Tax dated 23 March 2020. He highlighted that the vide notification No. 32/2020- Central Tax, dated 03.04. 2020, Government has waived the late fees for delay in furnishing the return in FORM GSTR-3B for the months of February, March and April, 2020.
Dr Gupta apprised that vide Notification no. 30/2020 it has been notified that for the month of Feb, March, April, May, June, July, and August 2020 shall be applied in a cumulative manner and the return in FORM GSTR-3B for the tax period September 2020 shall be furnished with the cumulative adjustment of input tax credit for the said months.
The other eminent tax experts who addressed the webinar include Mr. Puneet Bansal, Managing Partner, Nitya Tax Associates; Mr. Shivam Mehta, Partner, Lakshmikumaran & Sridharan and Mr. Rakesh Garg, Senior Partner, SSAR & Associates.
Ends.
Media Division
PHD Chamber of Commerce and Industry