The Union government is examining proposals seeking relief to businesses through extension of compliance timeline for goods and services tax as well as income tax. With India facing the biggest Covid-19 crisis so far, the government has received multiple industry representations, including from micro, small and medium enterprises, wanting a breather of up to three months.
“We have received many representations…. These are genuine concerns and will be addressed appropriately,” a government official told Business Standard.
Delhi announced a week-long curfew till April 26 while severe restrictions were imposed on movement of people in Mumbai and other Maharashtra cities. Karnataka and Madhya Pradesh are among the big states facing night curfews.
In the case of GST, monthly summary returns for March and quarterly summary returns for January to March are scheduled by April 20 and April 22, respectively. The deadline for GSTR 4, a return to be filed by those opting for composition scheme, is April 30. For income tax, compliances falling in April and May include tax deduction at source, TDS/TCS for the fourth quarter of 2020-21, filing of specified financial transactions, LLP annual returns etc.
Relaxation on the Cards
- Govt examining industry demands to extend key tax compliance timelines
- Around 11 GST and 15 income tax compliances are due in April
- Some compliances due in April and May include:
- Monthly GST returns; TDS deposit; TDS/TCS returns for Q4; Filing of specified financial transactions; LLP annual returns; Quarterly GST returns; Annual composition GST returns