GST Tax-Payers have been granted compliance-related and procedural relief by the government amidst the pandemic crisis that has affected all businesses, especially the MSMEs. The government on Tuesday announced a few measures according to which the e- way bill validity was increased for the second time in this lockdown period.
The e-way bill that was to expire between March 20 and April 15 will now be validated till May 31st. Even though this extension is likely to benefit the trucks to reach their destinations, experts believe that procedural relief cannot be a replacement for tax relief substitute packages that must be granted to small businesses.
The deadline for the financial year 2018-19 of submission of GST audit reports and the annual return has also been extended by three months to September 30. A taxpayer now can also show NIL sales through GSTR-3B. This must be sent through an SMS by a registered number that will further be validated using a one-time password (OTP).
According to Rajat Mohan, senior partner at AMRG& Associates, the MSMEs need a big stimulus package to ensure the workforce is not threatened as the procedural reliefs will only allow the basic functioning of the businesses. The government shall thus, provide a stimulus package to the struggling businesses.
