: CAIT seeks postponement of GST & Income tax compliances #FinanceIndia #StockMarketNEWS CAIT seeks postponement of GST & Income tax compliances New Delhi, Apr 22 (KNN) In view of lockdown, partial

@StockMarketNEWS Thu 22 Apr, 2021

Posted in: #FinanceIndia #StockMarketNEWS

CAIT seeks postponement of GST & Income tax compliances #FinanceIndia #StockMarketNEWS
CAIT seeks postponement of GST & Income tax compliances New Delhi, Apr 22 (KNN) In view of lockdown, partial lockdown, night curfew and other restrictions imposed by various States Government in the Country to fight with rapidly increasing COVID pandemic, the Confederation of All India Traders (CAIT) has urged Union Finance Minister Nirmala Sithraman to postpone various compliances under GST and Income Tax to be made by the business community for next three months.

CAIT National President B C Bhartia and Secretary General Praveen Khandelwal informed that on April 10th, the CAIT sent a communication to Sitharaman urging her to postpone 11 types of GST compliances which traders have to comply with in the month of April itself.

Non-compliance of these stipulations will attract huge penalties on traders across the Country, they added.

Similarly, the CAIT sent another communication to Sithraman on 19th April listed out 15 types of compliances to be made in the month of April itself and non-compliance of these provisions will further levy interest and penalty on the traders.

Both Bhartia & Khandelwal while invoking the attention of Sitharaman to the compliances to be made in the month of April under GST & Income Tax Act and all these compliances if not complied in time will result into interest, late fee etc.

In these tough times when all the state governments are taking strict precautionary measures such as – Complete Curfew, Night Curfew, 72-hour complete Lockdown, complete lockdown, containment zones, etc in order to restrict the spread of COVID-19 in their states, it will not be possible to comply with all these statutory compliances in time. Therefore, the late compliances on part of trade being not deliberate, the late fee and penalties should be waived off permanently till the situation gets normal in the country, they said.

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