COVID-19: An Indirect Tax perspective for business leaders

The ongoing Coronavirus (COVID-19) disease pandemic has severely impacted the Indian economy. India Inc. is facing major challenges with the financial year closing and taxpayers therefore need to be more vigilant to minimise any potential impact.

Here’s how you can HALT and proactively review  your Indirect Tax action plan

Compliances

• Ensure adherence to all compliances and stay updated regarding notifications and extensions in due dates.

Litigations

• Follow prescribed timelines for e-filing and submission of relevant documents to authorities.

Work-from-home

• Ensure compliance with laws and regulations as there is no clarity on resumption of business as usual.

Government announcements

• Stay updated about notifications and communications from the Government and plan your transactions and contractual obligations accordingly.
  

IT systems

• Ensure smooth functioning of IT systems during work-from-home period

Benefit scheme

• Ensure compliance with several benefit schemes where the due date is 31^st March 2020

Introspection

Use this downtime to evaluate existing compliance framework and possible improvements as well as strategies and action plan for the way ahead

As we navigate through this crisis, uncertainty reigns true for all. Leaders have the crucial responsibility to mitigate the negative impact it brings and emerge stronger than before.

The only way now to get ahead is to get started.

For any queries, please reach out to us at contact@in.gt.com