The Reserve Bank of India (RBI) extended the relaxations granted to banks on bank accounts requiring periodic updation of Know Your Customer (KYC) rules. The relaxation has been extended till March 31, 2022, because of the rising Covid situation. The RBI has now instructed banks not to apply limitations on such accounts until March31,2022, when KYC updation is due. In May, the RBI urged banks not to impose restrictions on client account operations where KYC updates are necessary on a regular basis, given the country’s present Covid limits. This reprieve was later extended until December 31.
In the meantime, the government has extended the deadline for firms to file GST annual returns for the fiscal year 2020-21, which ends in March 2021, by two months, to February 28. GSTR 9 is a yearly return that taxpayers who are registered for the Goods and Services Tax must file (GST).