Businesses demand extension of CFSS and LSS till March 31st 2021

SMEs have been demanding extension of CFSS and LSS schemes till March 31st, 2021 as they weren’t able to carry out audit and other formalities due to Covid-19 pandemic.

Company secretaries and chartered accountants are demanding extension of the Company Fresh Start Scheme (CFSS) 2020 and LLP Settlement Scheme (LSS) 2020 till March 31st, 2021. 

Different representations form different professional bodies have taken it on social media and written to the Ministry of Corporate Affairs for extending the deadlines. 

A public interest litigation has been filed in Rajasthan High Court by Centre for Social Work and Research Management Foundation which said there were difficulties in filing documents by the office of company secretaries, chartered accountants due to Covid-19 pandemic related hindrances and hassle. 

Quite a few small businesses and LLPs were not able to complete their accounts and audits on account of Covid-related hassles and difficulties and the filings of returns can be completed only after receiving audited financial statements. 

People took it on social media platform Twitter to appeal to the government to extend the timelines with trending #Extend_CFSS.