We wish to know how Govt. is helping us?
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From my personal experience and from discussions with my peers it has been the common understanding that most of our businesses are impacted due to cancellation of work order or indefinite delay in signing new orders due to COVID-19 issue resulting in irreparable damage/loss especially to small and medium scale business.
Our associates and friends have shared their experiences and raised their concern and I echo with them over the factories, offices and business being closed down by requests from various Govt/ non-Govt. bodies. We abide by these requests in the best interest of the nation to help contain further spread of COVID-19.
At the same time while we were in a recovery stage from various ease of doing business decisions taken by the Government in the recent past, for the industries benefit, but the unprecedented issue of COVID-19 has caused a lot of undue hardship to us as business owners necessitating to incur loss. We are also uncertain of the recovery of these losses and thus would throw additional burden when it comes to honouring the salary commitments to our employees.
Most of us also have financial commitments of repayment of loans and interest towards banks and financial institutions and due to slow down of business activities in the backdrop of COVID -19 it would be difficult to repay within the due dates and may result in defaults.
Further most companies, individuals business owners and individuals are all now worried/panicked about how to bear the burden of financial commitments and payment of taxes, loans and Salaries. Further the worry is also towards meeting several tax and regulatory compliance due dates.
I believe and suggest that this is the right time that our Govt. should come up with few key announcements to address these important issues so we are at peace.
A few such factors that may help would be:
1. Waiver of interest on payment of installment of advance tax if not paid with 15th March
2. Extension of due date for filing GST returns for the month of February 2020 and March 2020.
3. Extend all other tax compliance and regulatory due date falling in the month of March 2020 by 2 months
4. Extend the recognition criteria for considering an account as NPA due to default in repayment of loan and not to report the same to credit rating agencies as this could impact the business credibility
5. Facilitate additional sanction of working capital loan from banks at reduced interest cost
6. Grant financial assistance to daily wage earners
A certainty of positive decision and financial assistance announcement from the Government for the above stated suggestions would comfort us in the times of need and bail us out from irrecoverable damages.
We do have issues, and a collective voice and support is needed.
We are supporting our Government for a change, and we need some assurances and help from the Government as partner in nation building.
We need answers from the Government - Are you extending all deadlines? Are you taking care that we will not be marked as defaulters, are you going to take care of daily wage workers? Are we going to get any financial aids to take care of our employees salaries? We are WORRIED, please answer our genuine concerns.
Let us all sign this petition to show our support and kindly request our Prime Minister to address our concerns.
Prakash A Bhat
SCWEBS Info Solutions PVT. LTD.
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