Covid Casualty: India s YoY FY21 GDP records -7.3%
India s economy was severely battered by Covid-induced instability in the last fiscal year, with its growth rate plummeting to Minus -7.3 per cent.
By IANS
GST Council extends compliance relief for taxpayers
The Covid-induced volatility heavily dented India s economy in the last fiscal as its growth rate suffered heavily registering (minus) -7.3 per cent in FY 2020-21. The the GDP had grown by 4 per cent in 2019-20, before the Covid pandemic hit the world.
Accordingly, the pandemic-triggered national lockdown (from late March 2020) during Q1FY21 had a massive impact on the economy, which suffered a GDP contraction of 24.4 per cent. It was only on June 1, 2020 that the partial unlock measures were implemented.
Amid allegations that the Centre did not follow procedure to recall an IAS officer for central deputation, West Bengal Chief Secretary Alapan Bandopadhyay is likely to attend a meeting convened by the Chief Minister on the Covid situation and might not go to Delhi
As new Covid cases declined to 20,378 in a day across Karnataka with 382 deaths, Karnataka Congress president D.K. Shivakumar asked for the state government s permission to take up a mass vaccination drive.
For monthly and quarterly returns to be filed in the future, the late fee has been capped at Rs 500 for returns with no tax liability. In case of turnover above Rs 1.5 crore, late fee has been capped at Rs 2,000 and from Rs 1.5 crore to Rs 5 crore turnover, the late fee has been capped at Rs 5,000.