CII seeks relief measures from govt: Rs 2L crore direct income transfer, removal of LTCG
24/03/2020
NEW DELHI: In light of the economic disruption caused by the coronavirus, the Confederation of Indian Industry (CII) has suggested a series of measures to the government to alleviate stress, including Rs 2 lakh crore of direct income transfer to poor and elderly citizens, 50-basis point reduction in repo rate and easing of Non Performing Asset (NPA) classification norms among others.
Additional liquidity to the markets by the Reserve Bank of India and removal of long-term capital gains (LTCG) tax of 10 per cent in equities market are among the other recommendations of the industry chamber.
“Some of our members have already initiated steps to ramp up production of essential medical needs like hand sanitisers including some companies introducing sanitisers as a new product line.
Efforts are being made to source formulations and reach out to makers of respiratory equipment across the world so that we can combat the challenge…
However, given the magnitude of the problem and stage in which India is currently in more steps would be needed to minimise the impact of the outbreak,” CII president Vikram Kirloskar wrote in a letter to Prime Minister Narendra Modi. Companies including ITC, Godrej Consumer Products, HUL and Patanjali have already reduced prices of hand sanitisers, which help in containing the spread of coronavirus.
The chamber also suggested that government should mandate GST payments on collection of Bills instead of the current norm of tax on raising of invoices.
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