THE SECOND  WITHDRAWAL OF COVID-19 ADVANCE IS ALLOWED BY EPFO

Subscribers to the Employees’ Provident Fund Organisation (EPFO) can now get a second non-refundable Covid-19 advance of up to three months’ pay (basic plus DA) or up to 75 percent of the amount in their EPF account, whichever is less. The special withdrawal provision, designed to help members fulfill their financial needs in the event of a pandemic, was initially implemented in March of last year as part of the Pradhan Mantri Garib Kalyan Yojana (PMGKY). Within three days of receipt, such claims will be resolved.

According to the labor ministry, EPFO has resolved over 76.31 lakh Covid-19 advance claims to date, disbursing a total of Rs 18,698.15 crore. “Mucormycosis, or black fungus, was just proclaimed an epidemic during the second wave of the Covid-19 pandemic. EPFO tries to provide a helping hand to its members by satisfying their financial requirements in these challenging times. Members who have previously taken use of the first Covid-19 advance can now take advantage of a second advance.

Given the essential need for financial assistance among members during these challenging times, the ministry has decided to give Covid-19 claims considerable attention.

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THE DEADLINE FOR FILING MONTHLY GST RETURNS HAS BEEN EXTENDED UNTIL JUNE 26.

The GST Council, which is led by the Union Finance Minister and includes state equivalents, voted to postpone or extend some compliance relaxations due to COVID-19. The Central Board of Indirect Taxes and Customs (CBIC) outlined the numerous relaxations granted by the Council in a series of tweets. The deadline for completing monthly GST sales returns for May has been extended by 15 days, until June 26th, as per the government.

The deadline for filing Form GSTR-1 with information on external supplies for the month of May 2021 has been extended by 15 days. CBIC has extended the deadline to June 26. Businesses must submit GSTR-1 by the 11th day of the following month, detailing the supplies they made during the previous month. Businesses submit Form GSTR-3B for payment of Goods and Services Tax (GST) on a periodic basis between the 20th and 24th day of the following month.

The GST Council also agreed to extend the deadline for composition dealers to file annual reports for fiscal 2020-21 by three months, till July 31. The deadline for filing an annual return in Form GSTR-4 for the fiscal year 2020-21 has been extended to July 31, 2021, according to the CBIC, which also stated that required notifications to implement these changes would be published in due course. Additionally, until August 31, 2021, taxpayers who are registered under the Companies Act may file GST returns using an Electronic Verification Code (EVC) rather than a Digital Signature Certificate (DSC).

For those applicants whose due date for filing the ‘Application for Revocation of Cancellation’ falls between 15 April and 29 June 2021, the deadline has been extended to 30 June 2021.

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