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Dear Reader,

While India is fighting second wave of COVID-19 pandemic, the parliament has approved the Finance Bill with several changes. We have analyzed the income tax provisions (as per Finance Act, 2021) and following are the highlights that you may find useful.

We continue to support and serve you entirely for all your compliance need during this difficult time and hope you and all your loved ones remain safe.

Relaxation in GST Compliances due to Covid-19 outbreak

We have hereby summarizedthe relaxation in GST Compliances due to Covid-19 outbreak

granted by CBIC vide Notification No. 30/2020-Central Tax to 36/2020-Central Tax dated 3rd

April 2020.

OTHER RELAXATIONS - 

The applicability of Rule 36(4) regarding restriction of availment of ITC in respect of Invoices not appearing in 2A, has been deferred for months of February, March, April, May, June, July and August 2020. The said restriction shall now apply cumulatively for the above periods while filing GSTR-3B for Sep 2020. - If the validity of E-way Bills generated expires during period 20th March 2020 to 15th April 2020, the validity of such e-way bills extended till 30th April 2020. 

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 The above note is subject to further study and clarifications. This note does not form an opinion from our end and before taking any decision based on above, it is recommended to consult our experts on the subject. Kamdar, Desai & Patel will not be liable for any damages (including, without limitation, damages for loss of business projects, or loss of profits) arising in contract, tort or otherwise from the use of or inability to use this article, or any of its contents, or from any action taken (or refrained from being taken) as a result of using this article or any such contents.