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FICCI Welcomes Relief Measures With Respect To Tax And Statutory Compliances

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"FICCI welcomes the relief measures announced by the Finance Minister with respect to the tax and statutory compliances amid the lockdown imposed to contain Covid19," said Dr Sangita Reddy, President, FICCI. Moratorium of six months to companies for filing of disclosures on MCA portal and extension of time for holding board/Independent Directors meeting within prescribed timelines will bring relief to corporates, all of which are facing complete disruption in functioning. "Taking cognizance of the liquidity issues being currently faced by corporates, deferment of Deposit Reserve and statutory investment for debenture redemption is a welcome step," she added. Announcements on the tax front will give reprieve on compliance front. "MSME sector, which is precariously reeling under the impact of Covid19, would greatly benefit from the increase in the threshold for triggering IBC against delay in payments. FM's assurance that if situation prolongs, government may consider suspending IBC is a welcome announcement," said Dr Reddy. We look forward to further announcements by FM on economic package and further relief measures to keep the economic engine going, said Dr Sangita Reddy.

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First Published: Thu, March 26 2020. 12:45 IST