MSME Ministry has come out with a consolidated notification in the form of guidelines for
classification and registration of MSME’s vide notification dated 26th June 2020.
Central Board of Indirect Taxes and Customs has provided a slew of relief measures to
GST taxpayers on 24th June, 2020.
Interest and penalties form the first tool to bring discipline in compliance amongst taxpayers. It forms an important component of any revenue law as a stick to the erring taxpayers. They also encourage proper compliance amongst taxpayers as it can be very expensive to them if tax payments are not made with the prescribed time limit.
Frequently Asked Questions (FAQ) on Guaranteed Emergency Credit Line of Rs. 3