Amid the second wave of the COVID-19 crisis in the country, the traders' body - Confederation of All India Traders or CAIT has demanded an extension of compliances under the Goods and Services Tax (GST) and Income Tax by three months from the central government. In a letter addressed to Finance Minister Nirmala Sitharaman dated May 7, the Confederation of All India Traders stated that in the past 40 days, a loss of Rs 7 lakh crore is reported in the non-corporate sector, as per estimates. (Also Read: Second COVID-19 Wave Poses Downside Risk To Economic Activity: Finance Ministry )
The non-corporate sector includes transporters, traders, startups, self-employed individuals. The confederation also stated that street vendors, hawkers, small shops, and people involved in similar activities have also suffered a substantial loss in business.
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The trader's body which represents around eight crore traders across 40,000 trade associations in the country, requested the Finance Minister to extend all statutory dues under the GST and Income Tax - in which either tax has to be paid or return has to be filed, by August 31, 2021.
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As part of seeking COVID relief amid the second wave, the trader's body also sought that challan should be treated as a document of payment and not form GSTR-3 B under the GST. This will result in taxpayers paying taxes early and the government will also receive taxes on time.
Meanwhile, the Ministry of Finance today said in its Monthy Economic Review Report for April 2021, that the second wave of COVID-19 poses a downside risk to the economic activity in the fist quarter of the current financial year 2021-22. However, the report states that the government expects a muted economic impact of the second COVID-19 wave, compared to the first one last year.
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