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Amid Covid19 GST Simplified: E-way Bill Validity Extended, 10% ITC Deferred
In the wake of ongoing nationwide lockdown to curb the spread of Covid 19 infection, businesses facing hardship with respect to supplies and movement of goods have been provided a leeway by the government by way of extension in validity of e-way bills till April 30.
"Where an e-way bill has been generated and its period of validity expires during the period 20th day of March, 2020 to 15th day of April, 2020, the validity period of such e-way bill shall be deemed to have been extended till the30th day of April, 2020", said the finance ministry in a notification on Friday.
Further the ministry has also postponed the application of 10% restriction for availing input tax credit (ITC) for February to August 2020 and at the same time rolled over overall applicability to September 2020. The measure is likely to ease cash flows of more than 12 million taxpayers.
Also, through the notification issued on Friday various other indirect taxation compliance relaxations announced by the government came into effect.
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