Govt gives more time for compliance on anti-profiteering proceedings
The Central Board of Indirect Taxes and Customs (CBIC) has further extended the due date of completion and compliance by any authority for anti-profiteering proceedings till March 31, 2021.
The extension has been given in wake of Covid-19 related disruptions that has delayed completion of proceedings and compliance within a specified time line.
As per a notification issued by the CBIC, the extended timeline would be available for completion and compliance of anti-profiteering proceedings which falls during the period from March 20, 2020 to March 30, 2021.
“Provided that where, any time limit for completion or compliance of any action, by any authority, has been specified in, or prescribed or notified under section 171 of the said Act, which falls during the period from the 20th day of March, 2020 to the 30th day of March, 2021, and where completion or compliance of such action has not been made within such time, then, the time-limit for completion or compliance of such action, shall be extended up to the 31st day of March, 2021,” the CBIC notification reads.
The changes are expected to streamline the compliance processes and help in clearing backlog of cases where authorities have to take a call on anti-profiteering orders.