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The Indian Chamber of Commerce and Industry has appealed to the Prime Minister Narendra Modi for tax concessions.
The industry, particularly the SMEs have been badly affected, reeling under severe cash crunch, GST payments, fine and penalties. Now the sudden stoppage of cash flows has only added to the struggle and hitting loan repayments
Large establishments have been asked to close down for a fortnight between March 15 and 31. The SMEs, which supply their products to large enterprises are unable to collect their dues and remit their GST payments this quarter.
V Lakshminarayanaswamy, President, ICCI in an appeal to the Prime Minister, loan repayment and interest be suspended for few months depending on the impact of coronavirus, GST penalties especially for 2017-18 need to be considered and revoked.
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