FICCI has welcomed the relief measures announced by the Finance Minister with respect to the tax and statutory compliances amid the lockdown imposed to contain Covid19. Taking cognizance of the liquidity issues being currently faced by corporates, deferment of Deposit Reserve and statutory investment for debenture redemption is a welcome step. MSME sector, which is precariously reeling under the impact of Covid19, would greatly benefit from the increase in the threshold for triggering IBC against delay in payments. FM's assurance that if situation prolongs, government may consider suspending IBC is a welcome announcement. FICCI also noted that Corporates are finding it extremely challenging to ensure compliance with the requirement of Companies Act 2013 and Rules framed thereunder and are at a risk of non-compliance for no fault of theirs.
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