To: Members of the Council
Sub.: Finance Ministry issues Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020
In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24th March, .2020, regarding several relief measures relating to statutory and regulatory compliance matters across sectors due toCOVID-19 outbreak, now we would like to inform you that the government has brought in an Ordinance on 31st March, 2020 (Press Release dated 31st March, 2020) providing extension of various time limits under the Taxation and Benami Acts. It also provides for extension of time limits contained in the Rules or Notification which are prescribed/ issued under these Acts.
(Relevant extract of the Press Release is given)
Some of the important features and time limits which get extended by this Ordinance are as under:-
Direct Taxes & Benami:
In addition to the extension of time limits under the Taxation and Benami Acts as above, an enabling section has got inserted in the CGST Act, 2017 empowering the Government to extend due dates for various compliances inter-alia including statement of outward supplies, filing refund claims, filing appeals, etc. specified, prescribed or notified under the Act, on recommendations of the GST Council.
Members may kindly make a note of the above.