Impact on economy due to COVID-19

The episode of coronavirus sickness 2019 (COVID-19), first distinguished in Wuhan. The capital of Hubei, China, in December 2019 and from that point forward has spread all around. It has been perceived as a pandemic by the World Health Organization (WHO) on 11 March 2020. India is generally influenced by this pandemic. As on 29.04.2020, in excess of 31000 instances of coronavirus have been affirmed in India with in excess of 1000 passings.

The impact of Corona infection is severely felt and seen on the planet’s most evolved nations like the USA, Britain, and Germany, and so on. Clearly, India will undoubtedly be influenced in view of its household log jam as well as on account of the worldwide downturn. Taking in the exercises from the created nations like Spain and Italy. India set up the entirety of its apparatus and material to control as well as forestall the ailment. What began as one day Janta Curfew on 22.03.2020 by the Prime Minister of India and lockdowns by a portion of the state governments. The whole nation was announced to be under lockdown from the 12 PM of 24.03.2020, and the equivalent proceeded.

Crown infection had its effect on the business when all is said in done, which has seen, cutting the pay rates as well as laying off its representatives. The lodgings are empty and carriers have shut their wings. The live occasions industry has additionally evaluated lost more than Rs. 3000 crores.

COVID-19 Impact:-




Steps were taken by the Indian Government:

The Central Government, among others, has taken the accompanying choices in these ways:

     a. Annual Tax

Expansion of the last date for annual government forms for money related the year 2018-2019 from 31.03.2020 to 30.06.2020.

     b. GST/Indirect Tax

  1. Those having total yearly turnover not as much as Rs. 5 Crore can record GSTR-3B due in March, April, and May 2020. By the most recent seven day stretch of June 2020, with no intrigue, late expense, and punishment due to COVID-19.
  2. Others can record their profits due in March, April, and May 2020 by a week ago of June 2020 yet the equivalent. Would draw in the decreased pace of intrigue @9 % per annum from 15 days after the due date. Nonetheless, no late expense and punishment will be charged, if the consistence is made before 30.06.2020.
  3. The date for recording GST yearly returns of the budgetary year 2018-2019, which is expected on 31.03.2020 has been reached out till the most recent seven day stretch of June 2020.
  4. The due date for issue of notice, warning, endorsement request, authorize the request, recording of the offer, outfitting of return, articulations, applications, reports, some other archives. The time limit for any consistence under the GST laws was as far as possible is terminating between 20.03.2020 to 29.06.2020 will be stretched out to 30.06.2020.
  5. Installment date under Sabka Vishwas Scheme will be reached out to 30.06.2020. Further, no intrigue will be charged if the installment is made by 30.06.2020.

     c. Corporate Affairs

  1. No extra expenses will be charged for late recording during a ban period from 01.04.2020 to 30.09.2020. In regard to any archive, return, proclamation and so on.. required to be documented in the MCA-21 Registry, independent of its due date.
  2. The compulsory prerequisite of holding gatherings of the Board of the organizations inside endorsed span gave in the Companies Act, 2013, (120 days). Will be reached out by a time of 60 days till the next two quarters i.e., till 30.09.2020.
  3. Material ness of Companies (Auditor’s Report) Order, 2020 will have been conceded by a year to the monetary year 2020-2021.
  4. According to Schedule 4 to the Companies Act, 2013, Independent Directors (IDs) are required to hold at any rate one gathering. Without the participation of Non-autonomous executives and individuals from the board. For the year 2019-20, regardless of whether the IDs of an organization have not had the option to hold even one gathering, the equivalent will not be seen as an infringement.
  5. Prerequisite to make a Deposit hold of 20% of stores developing during the budgetary year 2020-21. Preceding 30.04.2020 to be followed till 30.06.2020.

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BLOG By-triveni jagdale(from Marketing Mantra)

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