Home / Economy / News / GST, GAAR reporting delayed till March 2021 amid coronavirus outbreak

GST, GAAR reporting delayed till March 2021 amid coronavirus outbreak

The I-T Dept had, in 2018, changed the tax audit form 3CD, seeking details under GST as well as GAAR, which seeks to prevent firms from routing transactions through other countries to avoid taxes

Premium

Sandeep Jhunjhunwala, director at Nangia Andersen, said that in the midst of the pandemic, tax authorities had been proactively announcing relaxation in compliance and reporting obligations for businesses.

Dilasha Seth New Delhi

2 min read Last Updated : Apr 28 2020 | 1:06 AM IST

The income tax (I-T) department on Monday deferred, for the third time, the requirement for firms to include details of Goods and Services Tax (GST) and GAAR in their tax audit report, in view of the pandemic.

The reporting requirement of these details in the I-T audit form has been kept in abeyance till March 31, 2021, suggesting that audit reports need not include details on GST and General Anti-Avoidance Rules (GAAR) till then.

Business entities with turnover of over Rs 1 crore (or Rs 2 crore if they have opted for presumptive taxation), and professionals with gross receipts of

Topics : Coronavirus GAAR GST goods and service tax I-T Department Central Board of Direct Taxes

What you get on BS Premium?

Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.

VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in