The chamber of commerce, the PHD Chamber of Commerce, on Thursday urged Finance Minister Nirmala Sitharaman to extend the deadline for all compliance including tax and filing GST returns in view of the second wave of Kovid-19 epidemic. During the interaction with the Finance Minister, the Board of Industries also advocated for giving incentive packages for MSMEs (Micro, Small and Medium Enterprises).
The PHD Chamber of Commerce and Industry (PHDCCI) said, “We have urged to extend the deadline for compliance under various laws, including income tax law, company law and GST law.” Like last year, the government should consider extending the deadline for compliance by June. If an entity does not comply with the laws, punitive action or prosecution is taken against it.
He said that in a digital meeting with the Finance Minister, the Board of Industries also sought to extend the period of Emergency Credit Facility Guarantee Scheme (ECLGS) to 31 March 2022 for MSMEs. Also, the demand for raising the additional loan limit from 20 percent to 40 percent was initially planned for October 2020. Later it was extended to November. The plan was again carried out by 31 March 2021 under Self-reliant India Package-3.
