The Live Nagpur
  • Nagpur City
  • Nagpur Education
  • Nagpur Sports
  • Business
  • Featured
  • Crime
  • Entertainment & Lifestyle
  • Health & Wellness
  • Nation
  • Politics
  • Trending
  • Vidarbha
  • Obituary

The Live Nagpur

  • Home
  • City
  • Politics
  • Business
  • Education
  • Entertainment
  • Sports
  • Health
  • Crime
  • Forest
  • Featured
  • Vidarbha
Business

Amid Lockdown Crisis, Govt Should Give more Relief to Taxpayers

by TLN Team April 13, 2020April 14, 2020
written by TLN Team April 13, 2020April 14, 2020
Amid Lockdown Crisis, Govt Should Give more Relief to Taxpayers

The novel coronavirus pandemic has unleashed havoc in every sector of human life. The government has declared lockdown to contain the virus, which will continue till April 30 in Maharashtra. And the tax authorities were busy chasing taxpayers for recoveries to streamline revenue shortfall (direct tax and indirect tax collection), fulfil targets, etc.

Amid this difficult juncture, CA Varun Vijaywargi said that nevertheless, the government had to shift its focus from recovery drive to offering relief considering the dent COVID-19 is giving not just to India but to worldwide economies.

A variety of relief measures are being announced globally during this crisis, like Australia has allowed accelerated depreciation deduction, cash flow assistance to small businesses and 50% wage subsidy to employers. “Even the Government of India has announced extension of due dates and waiver of late filing fee, concessional rate of interest on delayed payment of tax. Further, RBI has also announced moratorium of 3 months on terms loan and has deferred interest on working capital facilities among other reliefs,” he said. However, on tax front, the breather is largely from compliance perspective and a lot more is expected.

Even the announcement of fast disposal of tax refunds is not a relief in real sense as it is mere expeditious processing of tax payers dues. “Given that small businesses and daily wage earners are on the receiving end in this extremely grave situation, more relief is awaited,” he added. Sustenance and growth of employment is the key economic issue, therefore, all businesses must be incentivised to retain and grow their number of employees and for this Government may refer to successful schemes implemented by Greece and the States of Alabama and Delaware in the US. “Govt may also consider deferment of tax liability for a period of three to six months as cash inflows will be hampered and businesses will have to prioritise while making choice between paying taxes and paying for employees, raw-material and essential utilities. Banking system may be asked to earmark fund for loans at nominal interest rate for companies to discharge tax liability.

0 comment
FacebookTwitterLinkedin
TLN Team

previous post
Housing Minister Jitendra Awhad goes into self-quarantine
next post
Hot wave in City temperature reaches 41.2 Celcius

You may also like

MOIL registers record May production registers growth of 43% yoy

June 1, 2023

15-year lock-in period relaxed for women property buyers...

June 1, 2023

Explore the beauty of marble with Asian Marbles:...

May 21, 2023

Vidarbha on the way for sustainable and Profitable...

May 15, 2023

Ex-ICAI Nagpur chairman Saket Bagadiya nominated for ICAI...

May 13, 2023

NVCC form new membership committee

May 10, 2023

VIA Session “Interaction on Certification and Marketing of Natural...

May 6, 2023

Cooperation Minister advises NDDB to make India “dairy to the world” with...

April 28, 2023

Session on Edit log – A Statutory Compliance...

April 27, 2023

VIA & LITAA : Virtual Seminar on “...

April 26, 2023

Trending News

  • Block spam calls using this step-by-step process

    June 2, 2023
  • Ahmednagar to be renamed Ahilyanagar

    May 31, 2023
  • Cricketer Deepak Chahar’s dance goes viral after CSK win

    May 30, 2023
  • Filmmaker Vignesh Shivan clicks selfies with Dhoni and Jadeja’s wives at IPL

    May 30, 2023
  • Chennai lifts up IPL trophy, becomes champion for 5th time

    May 30, 2023

Important Links

  • Politics
  • Crime
  • Business
  • Education
  • Entertainment
  • Sports

Available on Playstore & Coming Soon on Appstore

Search

April 2020
M T W T F S S
« Mar   May »
 12345
6789101112
13141516171819
20212223242526
27282930  

Sign-Up Form

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

Footer Logo
  • Nagpur City
  • Nagpur Education
  • Nagpur Sports
  • Business
  • Featured
  • Crime
  • Entertainment & Lifestyle
  • Health & Wellness
  • Nation
  • Politics
  • Trending
  • Vidarbha
  • Obituary
  • Privacy Policy
  • Cookie Policy
  • Terms Of Use
  • Advertise with Us

© 2020 - The Live Nagpur . All Rights Reserved.