Introduction
The Corona Virus Disease is a pre-eminent health crisis. Various countries have provided relaxation in compliance. Singapore has increased the time limit until 11th May 2020. Italy has also increased the deadline for VAT return until 30th June 2020. Similarly, France has also extended the due dates of the return, which ranges from 30th June to 30thSeptember 2020 and also deferred payment of tax. Spain has also given the six-month time limit extension. The Indian Government has also provided the taxation assistance to businesses affected due to new virus. Ministry of Finance has extended the due dates of filing the returns. The income tax return due date has also been increased up to 30thNovember 2020.
Literature Review
As this disease is new in the world, fewer studies have been conducted so far related to its impact on the fiscal sector. Researchers have reviewed some research papers to know the implication of this virus on countries economy, review of some papers has been given below.
Balajee, A., Tomar, S., &Udupa, G.in their study entitled, “Fiscal Situation of India in the Time of COVID-19” and found that the Central government has declared a fiscal package of Rs. 1.7 trillion for mitigating the effects of shut down of the economy. Researchers have also suggested that subsidy rationalization can reduce the fiscal deficit. This study forecasted that fiscal deficit will be as high as to 8.4%.
This story is from the July 2020 edition of The Management Accountant.
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This story is from the July 2020 edition of The Management Accountant.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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