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Centre defers GAAR, GST reporting in tax audit forms

city New Delhi pandemic Government Coronavirus
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New Delhi: The government on Monday deferred reporting of compliance related to Goods and Service Tax (GST) and the dreaded General Anti-Avoidance Rules (GAAR) in the income tax audit reports by a year.

The move is a major relief to businesses struggling to cope with the challenges of the Coronavirus pandemic. The Central Board of Direct Taxes (CBDT) said in a notification that several representations have been received about difficulty in complying with the reporting requirements in view of the pandemic.

GAAR is a set of rules aimed at preventing dodgy business arrangements seeking to save tax using legal loopholes and transactions that are legal in letter but not in spirit.

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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