Bangalore Chamber of Industry and Commerce

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BCIC welcomes Finance Minister announcement on the Compliance Package, Mar 24, 2020

The Bangalore Chamber of Industry and Commerce welcomes the Hon'ble Finance Minister, Smt. Nirmala Sitharaman's announcement in extending the compliance dates for filling of taxes after all legislation from the 31st of March to 30 th June 2020.

We are absolutely pleased to know that BCIC's recommendation to extend the compliance dates to 30 th June has been accepted.  We are happy to note that date for VSV scheme has been extended 30th June.

We also commend the move of increasing the limit from 1 lakh to 1 crore under the IBC Act as these would help SMEs sectors to gain more stability under the challenging circumstances.  Further the proposal to waive interest/penalty & late filing fee under the GST regulations for companies with a turnover less than 5 crores will benefit greatly from the proposal. This would help all SME companies. .

To sum it up, BCIC is pleased with the compliance package which will surely be beneficial to all its members and we assure the Hon'ble Government that BCIC and its members will comply with.

However, as per our understanding the government is coming up with an economic package to deal with the current crisis and we are sure it will include the following:

Setting up of” CORNA FUND” to help the daily wage earners/construction workers/casual labourers who are largely impacted due to shut-down.