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COVID–19 Statutory and Compliance Relief Measures

In light of COVID-19, there are various Statutory and Compliance Relief Measures undertaken by the Government of India, detailed as under:

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COVID-19 Relief Measures in Income Tax

On 24th March 2020, the Union Finance Minister announced several measures taken by the Government of India in view of the COVID-19 outbreak and nationwide lockdown. The relief measures related to Income tax are detailed below.

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COVID-19 Relief Measures by the MCA

The Ministry of Corporate Affairs has announced various COVID-19 relief measures in respect of compliances for businesses, amidst this global pandemic which is empowering the world. These measures definitely provide the much-needed support and reassurance to companies and LLP’s, registered with the Ministry. The details are stated below:

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COVID-19 Relief Measures in GST

The Government has taken a pro-active approach in announcing COVID-19 Relief Measures in GST and easing out the compliance burden, which is a much-needed relief in the middle of the crisis that the world is facing currently.

The government has notified various relief measures undertaken with respect to GST Compliances. The details are elaborated here:

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COVID-19 Relief Package by the RBI

The Reserve Bank of India announced measures to mitigate the burden of debt servicing brought about by disruptions on account of COVID-19 pandemic and to ensure the continuity of viable businesses.

The following are some of the measures provided by the Reserve Bank of India.

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