Members of the AP Chamber of Commerce and Industry met Union Finance Minister Nirmala Sitharaman on Friday evening and submitted a memorandum to her seeking extension of financial support for industry as also all other sectors in view of the pandemic situation and thereby improve the Ease of Doing Business (EODB) ranking of the State.
They sought exemption of capital gains tax to the extent of loan repayment, if a firm or promoter sells an asset or stocks to clear bank debt.
The GST payment should be made payable on receipt of payment rather than on submission of invoice, they said. They noted that many PSUs and State government organisations are delaying payments for months due to which the firms are unable to pay GST without receipt of principal, and the various State governments are not even paying interest, whereas the firms are forced to pay interest and penalty on delay in paying GST. The credit rating of companies should not be affected due to their performance during the lockdown, they said. Other demands include: release of SEIS and MEIS incentives for the years 2019-2020 and 2020 - 2021 to improve cash flow of the firms and directing banks not to levy foreclosure charges on loan accounts for one year.
