In view of the COVID-19 outbreak in the country, the Government of India has announced certain relaxations/reliefs in relation to statutory and regulatory compliance matters which were due to be done by March 31, 2020 or thereafter. Below is the summary of some of the important relaxations given by Hon’ble Finance Minister in respect of GST, Customs, Excise and Income Tax Laws.
Due date to make declaration under Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 has been extended from March 31, 2020 to June 30, 2020. No interest shall apply, where dues are paid on or before June 30, 2020.
Customs clearance shall be made on a 24X7 basis till June 30, 2020.
Due date of issuance of the notice, notification, approval order, sanction order, appeal filing, return filing, filing of statements, applications, reports etc. (where the time limit thereof was expiring between March 20, 2020 to June 29, 2020) shall be extended to June 30, 2020
a. Extension of timelines for various compliances and procedure will be provided.
The effect to the above relaxations/reliefs shall be given through issuance of relevant/appropriate notification or circular in due course.
The information contained herein above is based on the information publicly available as on the date of this publication and Press Note dated March 24., 2020 from the Government of India. The above is for information purposes only and the author takes no responsibility for its reliability and accuracy. It is advised to take appropriate legal/professional advice before undertaking any business activity or otherwise based on the above.