Announcements made by govt will ease tax-related operational problems, says exporters

Exporters in Tuesday said that announcements made by the government will ease operational problems of taxpayers.

Finance Minister Nirmala Sitharaman has announced a series of measures including relaxation given in compliance and regulations in direct and indirect tax matters and the Insolvency and Bankruptcy Code.

Federation of Indian Export Organisations (FIEO) President Sharad Kumar Saraf said the announcements are pragmatic and “will ease the operational problem of taxpayers”. On the deadline extension of tax dispute settlement schemes till June 30, he said this will give assessees more time to avail it as lockdown is imposing a big challenge to avail it by March 31.

He demanded extension in time limit and procedure in various schemes of the Department of Commerce and that it should recognise the challenges faced by exporters and importers and give adequate time to complete the export obligation in view of slowdown in demand.

He added that exports may be covered as “essential services” in view of tight delivery schedule, thereby allowing factories and other stakeholders to operate, during lockdown, with minimal workforce.

Trade Promotion Council of India (TPCI) Chairman Mohit Singla said the announcements will be a big breather to the industry, which was facing headwinds and moving towards a grinding halt situation.

“Most assuring is the fact that the government is holding hands in this extraordinary time and is doing all it can to shoulder the burden and cushion the stress points for small and big business amid the COVID-19 crisis,” he said.