COVID-19 has left the world struggling to deal with its social, emotional and economic impact. It has not only had ramifications on people’s health but also led to slowdown/shutdown of business activity across sectors and geographies as well as uncertainties and challenges for the people and the governments. To address some of the issues arising out of this pandemic, the governments and the central banks of various countries have come out with various relief measures to support people and businesses. Policy action has also led to the revival of some business activities.
In the past six months, the government has announced several measures under the Atmanirbhar Bharat Abhiyan to ease liquidity with banks and non-banking finance companies (NBFCs) and provide income in the hands of the people. Some key reform bills have also been passed in the Parliament. The result of these measures will surely bear fruit in the coming few months.
As we enter the second half of the current FY, the general expectation is survival of the businesses and any meaningful growth can be expected only in the next FY.
This volume of financial services insight – tax and regulatory updates captures updates from July-September 2020. We hope you find this publication interesting.