The host of announcements made by Union Finance Minister Nirmala Sitharaman for the benefit of individual and business taxpayers in the backdrop of COVID-19 outbreak has been welcomed by MSMEs, experts and trade associations. Rajan Wadhera, president, SIAM said, “The series of announcements made by the Finance Minister will lower the challenges for companies in the immediate term.”
Extending deadline
However, K.E. Raghunathan, past president, All India Manufacturers Association, said, “The deadline for February GST returns, which was due to be filed on March 20, should have also been extended as many MSMEs have not filed the returns for February as yet.”
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Colin Shah, vice-chairman, Gem & Jewellery Export Promotion Council of India, said, “These measures will give some relief to a lot of very worried entrepreneurs. Exporters welcome the announcement that customs will now function as an essential service and will be working 24X7 till June 30, 2020.”
“The FM’s announcement that companies with an annual turnover of less than ₹5 crore will not be levied any interest, penalty or late fee with respect to GST till June 30, 2020 will help MSMEs in the gem and jewellery sector,” Mr. Shah said. Kamal Khetan, CMD, Sunteck Realty Ltd., said “In the light of the economic slowdown due to COVID-19 pandemic, the government is moving positively to support India Inc. “The announcement by the FM on relaxation of rules for TDS, GST and corporate compliances come as a much-needed respite.”