As we all know, every person is liable for registration whose aggregate turnover in Financial Year exceeds Twenty Lakhs rupees and file return. Returns are required to be filed for all the tax periods irrespective of supply is made or not and section 39(10) of CGST Act, 2017, does not allow to file return for subsequent period if any previous period return is not filed.

Reserve Bank of India (RBI) Governor Shaktikanta Das addressed the media today (April 17,
2020) for a second time since the COVID-19 outbreak. He informed that RBI is constantly
monitoring the situation and will use all instruments to address COVID 19 challenge.

As we all know, every person is liable for registration whose aggregate turnover in
Financial Year exceeds Twenty Lakhs rupees and file return. Returns are required to be filed
for all the tax periods irrespective of supply is made or not and section 39(10) of CGST Act,
2017, does not allow to file return for subsequent period if any previous period return is not filed.

According to UN Department of Economic and Social Affairs, the COVID – 19 Pandemic is affecting
global supply chain & International Trade badly.Global economy is expected to shrink up to 1% in
2020.

Veekay Law Chambers, LLP sincerely hope that you and your peers are safe and healthy given the situation with COVID-19. During these uncertain times, we are committed to proactively communicate with all our clients and stakeholders and extend our support, as we navigate through these complexities together.

This update covers the relief measures announced by the government till date under the following categories :-

1. Goods and Services Tax (GST)
2. Reserve Bank of India (RBI)
3. Direct Tax
4. Ministry of Corporate Affairs (MCA)
5. Insolvency and Bankruptcy Code, 2016
6. Securities & Exchange Board of India (SEBI)