Central Government introduces Bill to codify COVID-19 reliefs.
Dear all,
Your association SIMA is forwarding herewith an email received from IMC Chamber of Commerce & Industry regarding Central Government introduces Bill to codify COVID-19 reliefs, faceless proceedings and supplement some Finance Act 2020 amendments.
As per the mail, The following important announcements has been compiled by IMC’s Direct Tax Committee.
The outbreak of COVID-19 has led to an unprecedented economic crisis across the globe, including India and hence, and the Central Government (CG) felt it was imperative to ease the compliance burden on taxpayers. As the Parliament was not in session in March 2020 and in view of the urgency, the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (Ordinance) was promulgated on 31 March 2020. The Ordinance relaxed certain provisions, including the extension of the time limit in taxation and other laws, and provided for a reduction in interest, waiver of penalty and prosecution for the delay in payment of certain taxes or levies during the specified period. Further, certain notifications were also issued under the said Ordinance.
In the monsoon session, the CG has now introduced The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020 (‘RACP Bill’) before the Lok Sabha, which seeks to replace the Ordinance. The same has been approved by Lok Sabha and Rajya Sabha and President Ascent is awaited.
TO VIEW THE MAIL PLEASE CLICK HERE.
Thanking you,
With Regards,
For Silvassa Industries & Manufacturers Association
Narendra Trivedi
Secretary
