The outbreak of the Novel Corona Virus (#COVID-19) across many countries of the world including India has caused immense economic and business loss. Amid this difficult situation, the Government has announced below one time relaxations for Employers, Taxpayers and Business Entities.
One Time Relaxation for Tax Payers and Business Entities
- Income-tax Refunds: It has been decided to issue all the pending income-tax refunds up to INR 5 lakhs immediately. This would benefit around 14 lakh taxpayers.
- GST and Custom Refunds: It has also been decided to issue all pending GST and Custom refunds which would provide benefit to around 1 lakh business entities, including MSMEs.
“Thus, the total refund granted will be approximately INR 18,000 crore.”
One-Time Relaxation for Employers
- Relaxation has been given to those Employers who did not file ESI Contribution for the Contribution period April 2019 to September 2019 within 42 days after the end of contribution period.
- Employers (as mentioned above) are allowed to file the Contribution up to 15.05.2020.
- Such Relaxation is not extended to other older or new contribution period.