What is exactly #Extend_CFSS and why it is trending?

Basically it is a request to extend an Amnesty Scheme introduced by #MCA (Ministry of Corporate Affairs). There are multiple reasons for it.. (1/n)

one of the prime reason for outrage was website of #mca viz. http://www.mca.gov.in  crashed on due date. Once the website was crashed as it was not able to handle the filing, the Companies specifically #SMEs and #Startups are now faced with huge penalties. #Extend_CFSS (2/n)

There are people saying, why they waited for last moment and so on. The scheme was valid for 12 months. However, many could not take benefit. Now to file a NIL Return and informing govt there is a no change in LLP it asks for lakhs of Rs. vs 50Rs original fees. #Extend_CFSS (3/n)

Now imagine, you have a great idea, you got inspired by hon'ble @narendramodi's speech about @startupindia and you formed LLP. but for some reason you could not start work in that LLP for 2 years and no return is filed. (4/n)
#Extend_CFSS

Now today, if you want to start operation in LLP and if you ask #CA or #CS to rectify pending work of #LLP that is started in 2017 with 10,000 capital, the fees they will quote would be Rs. 3,40,800 to file NIL returns/no change intimation.
#Extend_CFSS (5/n)

Imagine in this scenario, what you will do as a promoter, business owner of a #Startup? 99% of promoters are taking a decision to not to pay money, let govt close its company, few go abroad and start a business there. #EoDB anyone?
#Extend_CFSS (6/n)

So how #Extend_CFSS works? Its amnesty scheme introduced during #Pandemic, where, I believe, govt understood that their additional fees are unreasonable and exempted #LLPs from paying additional fees. So a fees of Rs. 3,40 lacs will reduce to 300 Rs. (7/n)

Basically for #LLP we have #LLP Settlement Scheme and for #Companies it is #CFSS or Companies Fresh Start Scheme.
gradually people are getting to know about advantage through professionals and they are acting when possible. Suddenly both the schemes are over. (8/n) #Extend_CFSS

So this has resulted in chaos in professional world.. We are seeing distraught faces of future #Startup giants with a disappointment at fees and costs. Many are quitting business, giving up their dreams of becoming #Startups. (9/n)

So those who are asking, why should we worry about them? Have you seen doctor requesting patient not to smoke? Why because they see the face of people suffering. We as a professional are at same situation. We see people cry and complaining. #Extend_CFSS (10/n)

We are seeing people are quitting the business, not starting a Company, complaining and feeling it impossible to believe that to report nothing has changed in last 3 years, they are asked 1000 times of their capital which is primary a "Limited Liability" #Extend_CFSS (11/n)

This is one of the reason. Plus there are multiple reasons Disqualification of Directors, non functioning of #MCA website etc.
Ultimately the purpose of #CFSS would be defeated if it is not extended. Hence, everyone is saying in one voice #Extend_CFSS (12/12)