Compliance Relaxations in India | COVID-19

1. GST UpdateDate of Notification – 28 May 2021

  • Legal Framework – The Goods & Services Tax Act, 2017 and relevant rules thereunder.
  • Government Authority – Central Board of Indirect Taxes and Customs (CBIC)
  • Web-linkCBIC Circular
  • Legal Update: IGST to be fully exempted on import of certain COVID-19 related goods.Rationalization of GST rates on certain goods and services.Rationalization of late fee in reporting of certain returns.Simplification of Annual Return for FY 2020-21.

2. Income Tax UpdateDate of Notification – 20 May 2021

  • Legal Framework – The Income Tax Act, 1961 and relevant rules thereunder.
  • Government Authority – Central Board of Direct Taxes (CBDT)
  • Web-linkCBDT Circular
  • Legal Update: Launch of newly developed e-filing income tax web-portal – existing e-filing income tax web-portal – will be unavailable from 01 to 06 June 2021.

3. MCA Update

  • Clarification on list of MCA Forms providing waiver on levy of additional fees In continuation to the previous circular, MCA has added additional Forms on which additional fee has been waived off. 

Web-linkMCA Circular

Previous notification of MCA
Date of Notification – 15 May 2021

  • Legal Framework – The Companies Act 2013 and relevant rules thereunder.
  • Government Authority – Ministry of Corporate Affairs (MCA)
  • Web-linkMCA Circular
  • Legal Update:
    – In continuation to the MCA’s circulars numbers 06/2021 MCA Circular and 07/2021 MCA Circular dated 3 May 2021
    – Waiver is available on 10 specific Forms
    – Additional fee on delayed reporting in such specific Forms is waived.
    – Relaxation is available till 31 July 2021. 
    – Exceptions – Charge related reporting viz. Form CHG-1, CHG-4 and CHG-9

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