Saturday, December 3, 2022

Government examining industry demands for tax compliance deadline: report

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The Center is examining proposals to extend the compliance deadline for Income Tax and Goods and Services Tax (GST) to relieve businesses during the second COVID-19 wave.

Business Standard reported that the government has received a number of industry representations from micro, small and medium enterprises (MSME), with an extension of up to three months.

Also read : COVID-19 second wave | Banks reduce business hours, cut staff attendance: report

“We have received many representations. These are genuine concerns and will be addressed appropriately,” a government official told the publication.
Business Standard reported that about 11 GST and 15 income tax compliance are due in April. Some of the compliance in April and May include monthly GST returns, TDS deposits, returns for TDS / TCS Q4, filing of specified financial transactions and LLP annual returns.

Tax experts told the publication that small and medium enterprises would be the most affected if the tax compliance deadline was not extended.

Also read : Finance Minister Nirmala Sitharaman says IRDAI directs insurance companies to prioritize COVID-19 claims

Many states have imposed nocturnal curfews, weekend lockouts and other restrictions to curb the spread of COVID-19 infections, which could cause damage to the industry. A week-long lockout has been done in Delhi till 26 April.

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