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)

A year ago, on 29th March 2019, the Central Board of Indirect Taxes (CBIC) introduced Notification No.03/2019-Central Tax (Rate) applicable from 01st April, 2019 bringing in a major reform in the Real Estate and Construction industry.

Asia’s third largest economy has been locked down for three weeks since March 25, 2020, putting millions of daily wage earners and lakhs of businesses in unprecedented hardship.

VIVAD SE VISHWAS SCHEME – Date extended to 30 th June, 2020 from 31 st March, 2020. No 10% additional charge will be levied for all applications made till this date.

MCA clarified that spending of CSR funds for Covid-19 is eligible CSR activities under notified disaster under Schedule VII of Companies Act 2013

The advent of the GST regime brought into existence a unique system of Indirect Tax – one which involved the payment of taxes under 3 different head i.e. CGST, SGST, IGST. The reasoning behind such a decision was astute and practical since GST law in India came into existence through subsuming various state level laws and with the promise that the states would not lose any revenue. This resulted in the creation of Central GST belonging to the Central Government and State GST belonging to the State Government for Intra-state supplies and Inter GST to be collected by the Central Government and shared with the State Governments for Inter-state supplies.

Budget 2020.

India is all set to introduce E-invoicing for B2B transactions from 1st April 2020. This is a revolutionary change being brought in to ensure the smooth flow of ITC from one supply
chain to another and also maintain vigilance by the authorities on mis-use of ITC. E-invoicing is not a new concept and is already adopted in many countries and quite
efficiently as well. Countries such as Hong Kong & Taiwan have a strong E-invoicing base with fully digital methods being implemented since 2000. Whereas nations like Japan,
USA and Korea have a system on E-invoicing that is similar to what India has planned from April 2020; mostly restricted to large corporations. China, on the other hand, is yet to
bring in any sort of E-invoicing and only follows digitisation of certain documents for sharing and transmissions. Hence, India will be the largest nation among the existing lot to
bring in E-invoicing and hopefully ensure a smooth and reliable process for this.