The global economy has succumbed to the uninvited guest,
COVID-19, which arrived at the beginning of the year and brought an
onslaught of huge ramifications on the economy and businesses as a
whole. The COVID-19 pandemic has brought the entire nation to a
standstill for more than two months now. This has significantly
hampered the GDP of the country, along with cash flow issues. The
Indian rupee continues to weaken by the day. Needless to say, the
negative impact on businesses and profitability is leading to the
closure of several businesses, leaving employments at stake. The
brunt of business loss has severely affected the tax collections
and administration.
To circumvent this situation, the Indian government has provided
some relief in these unprecedented times, which have been
implemented both by central and state governments from time to
time. Further, the Hon'ble Prime Minister, while addressing the
nation on 12 May 2020, to make India self-reliant, i.e.,
