
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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