` GST & Direct Tax suggestive measures of Covid 2.0

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GST & Direct Tax suggestive measures of Covid 2.0

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GST & Direct Tax suggestive measures of Covid 2.0

Some More Relaxations Needed (Demanded by various sectors of industry) in Covid 2.0 are listed below and the expectations from the Govt is to be more liberal in announcing slew of extensions and for facilitating trade measures:

GST

Income Tax

1. GST Returns Date Extension:

The GST date extensions for filing GST returns like GSTR 3B, IFF, GSTR 1, ITC 04, GSTR 7, GSTR 5A and other returns to be liberally given till 31st August 2021.

1. TDS deposit dates to be extended:

TDS deposit dates to be extended till 31st July 2021 under all sections for March 2021 and for the months of April, May, June 2021- the dates to be extended till 31st August 2021.

2. GST Tax Deposit date extension:

Currently, only 15 days interest free period given to below 5 crores turnover dealers and no relief given to dealers above 5 crores turnover.

The GST tax deposit timelines to be extended till 31st July 2021.

2. TCS/TDS returns date also need extension:

The TCS and TDS return dates need to be extended till 31st August 2021 and for the First Quarter 2021-22 to be 30th September 2021.

3. Reduction in Rate of Interest on deposit of GST:

The penal interest rates (18%/24%) need to be rationalized keeping in view the current bank FD/ SB interest rates from 9%/4 to 5%/2%.

3. TCS/TDS certificate generation dates:

Certificates download dates also need to be extended till 15th September 2021 for Q4 and 15th October 2021 for Q1 2021-22.

4. GST input benefits for Covid related set ups, covid related expenditures:

ITC to be allowed as to charity and purchased a deployed ambulance for the benefit of the staff personnel and kept mini hospital set ups ready by providing oxygen kits at bay.

4. Belated/Revised ITRs of assessment year 2020-21 need to be extended:

The date needs extension till 30th June 21 which has already extended till 31st May21.

5. Rule 36(4) conditions to be cumulatively relaxed till 31st July 2021:

The industry needs relaxations in following this rule in case of non or late filing of GSTR 1s by the suppliers.

Rule 36(4) to be relaxed till 31st July 2021 and to be cumulatively applied in GST return of August 2021.

5. Income tax And Audit returns for Asstt year 2021-22:

The date would be requiring extension in the near future to 3 months from the original dates.

6. IGST exemption on purchase of Covid relief material even for Personal Use.

6. PF/ ESI deposit date extension:

The time line to be extended without penal interest till 31st July 2021.

7. GST exemption on vaccines with simultaneous ITC allowed on input goods and services:

GST exemption on output side with ITC allowance on input side till 31st March 2022 to be given keeping in view the target of vaccinating the whole Indian population.

7. Relaxation in Advance tax for the first quarter 2021-22:

First instalment of advance tax deposit to be merged with second instalment 15th September 2021.

 

8. Section 54 and related time line extensions:

For all those who are waiting for investment within 2 years or 3 years in immovable property as per Section 54 and 54EC, the months from March till June 2021 not to be counted in those time lines.

9. Section 269ST to be relaxed on general hospitalization also.


 

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