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The outbreak of coronavirus has impacted every kind of business and other organisation. Moreover, everything is closed because of the lockdown. Offices of companies and chartered accountants are closed and the businessmen are facing numerous issues because of it. The approaching deadlines for filing the TDS (Tax Deducted at Source) returns for the fourth quarter and GST (Goods and Services Tax) returns for March are creating stress among the businessmen. A lot of deadlines will be falling between 30th April 2020 and 5th May 2020. A lot of business owners and other individuals have requested the Prime Minister, Mr Narendra Modi and the finance minister, Mrs Nirmala Sitharaman to extend these deadlines further. Although the government has already extended the due dates of most of the returns till 30th June 2020. The industrialists have said that the last date for filing the TDS returns via Gen TDS Software for the fourth quarter is 30th April 2020 but they are not able to file...

Medicines and other medical supplies are taxed at four different tax slabs Nill, 5%, 12% and 18%. No tax is levied on the supplies of blood and its-by products and all the contraceptives, while GST on all the life-saving medicines is 5% (vaccines for AIDS, TB, diabetes, malaria, etc.). The highest 18% GST is charged on medicines that have nicotine polacrilex in their composition. The highest tax slab is 28% but none of the medicines or medical supplies are charged at 25% GST.  Medicines and medical supplies listed under their respective GST rates: Medicines and Medical Supplies taxed at NIL GST : Human Blood and any medicine that has the composition of by-products of blood.    Any kind of contraceptive medicine. Medicines and Medical Supplies taxed at 5% GST : Oral Rehydration Salts Diagnostic kits for hepatitis Human/animal blood vaccines Artificial limbs, crutches, walking frames, wheelchairs, etc.  Insulin injections and tablets....

Introduction to GST Goods and Service Tax introduced by the government of India is a comprehensive indirect tax policy for several Indirect Taxes in India. GST came into existence from 1 July 2017 with the concept of ‘One Nation One Tax’.  GST is an indirect tax applicable to the supply of goods and services. This tax regime has surpassed several policies to become the best tax collection policy in India. As per the GST regime, tax is imposed at every point of sale. Like for sales within state premises, Central and State GST is charged and for sales outside state premises, integrated GST is charged. Let’s begin with the main mechanism of GST: How does the GST work? GST is a 'comprehensive tax' that is imposed at ‘multiple stages’ and is charged as per the 'destination of the consumer'. It adds to the value of the product. Multiple Stages Several steps are involved from making to delivering the end product to the consumers. Like buying raw materials...

The Employees' Provident Fund Organisation (EPFO) has allowed the registered employees to withdraw their provident funds to fight against the problems created by the outbreak of coronavirus being faced by the registered employees. The registered members can withdraw a total of worth three months of their salary and dearness allowance or upto 75% of their total account balance whichever is lower. The members are not required to deposit the amount later after the withdrawal. The members working in an exempted or private company will have to contact the employer for the withdrawal.  The announcement was made by the EPFO on 26th March 2020 after which they have received more than 1.4 lakh withdrawal requests and the organisation has provided a total of more than Rs. 280 crores to the requesters. The organization said that they are trying to issue the demanded amounts within 72 hrs of the request.  The members are given an option to withdraw the amount online. To with...

The central government has declared all the monetary contributions to PM Relief Funds Tax-Free . These funds are raised to treat coronavirus patients and help the government fight against the outrage of this deadly disease. Such donations are exempt from tax under section 80G as per the central government but the donors have not yet received the necessary tax certificates.  Several UPI platforms that cater to the transfer of these funds said that it is the responsibility of the trust that runs the PM relief fund to issue tax certificates to the donors and solve other donation related issues (if any).    Two of the renowned money transfer sites PhonePe and Paytm are facilitating the users with upgraded features including the receipt feature for those contributing to PM relief fund through their platforms. On the other hand, Google Pay has instructed the donors to avail of the receipt directly from the government. While speaking with one of the newspapers, Goog...

In order to provide a ‘fresh start’ to the companies and Limited Liability Partnerships (LLP) in this hard time of the outbreak of COVID-19, the Ministry of Corporate Affairs (MCA) has started two schemes, viz ‘Companies Fresh Start Scheme’ and ‘Limited Liability Partnerships (LLP) Settlement’ which will enable the companies and LLPs in rectifying all the previous defaults in filing returns, independent of the time period for which the default has been kept to provide a new ‘fresh’ start in the business. Both schemes will help in reducing the compliance difficulties generated by the outbreak. Both the schemes can be used only once during the period for which the dates are extended, that is, from 1st April 2020 to 30th September 2020 . Once the period is over, the companies or LLP Settlement Scheme 2020 will not be allowed the benefit of the schemes.  The scheme will reduce the burden of the companies and LLPs even further. MCA has also given an extension in the la...