Traders Body Seeks GST, Income Tax Relief Amid COVID-19 Second Wave
Amid the second wave of the COVID-19 crisis in the country, the trader's 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.
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.
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.
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 first quarter of the current financial year 2021-22.
