INSUBCONTINENT EXCLUSIVE:
CAIT also sought that challan must be treated as a document of payment and not form GSTR-3 B under GSTAmid the second wave of the COVID-19
crisis in the country, the traders' body - Confederation of All India Traders or CAIT has demanded an extension of compliances under
days, a loss of Rs 7 lakh crore is reported in the non-corporate sector, as per estimates
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
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
treated as a document of payment and not form GSTR-3 B under the GST
This will result in taxpayers paying taxes early and the government will also receive taxes on time.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 fist quarter of the current financial year 2021-22
However, the report states that the government expects a muted economic impact of the second COVID-19 wave, compared to the first one last
