During this difficult time, with a view to boosting the economy and as a reform to promote ease of doing business, the government of India has been making tremendous efforts in clearing backlogs/disputes/appeals under direct and indirect taxes which has resulted in the launched settlement schemes under direct tax (vivaad se vishwas scheme) & indirect tax (sabka vishwas scheme).
The Ministry of Corporate Affairs, in the like way, understanding the immediate need to provide support to the corporates to smoothen their compliance system and reduce the cost burden, in addition to providing relations and extensions for the compliance, has pressed the Re-set button. The Re-set button is in the form of the launching of the Companies Fresh Start Scheme (“CFSS 2020” or “Scheme”) effective March 30, 20201, as a onetime opportunity to complete all pending compliances by filing necessary documents under Companies AC, 2013 (“CA, 2013”) with the Registrar of Companies (“ROC”) without being subject to additional fees or penal proceedings on account of delay in filings.
“One-time golden opportunity to set right the past default in ROC filings.”