Coronavirus: Retailers seek 3 months grace period for paying statutory dues
The Retailer Association of India (RAI) has asked the government to help the industry cope with the detrimental effects on their business amid the virus pandemic.
"Allow us 90 days of grace period for depositing all statutory dues, like Income Tax, Advance Tax, GST, ESIC, PF etc. for payments falling due between March 1 and June 30, 2020," RAI said in its representation to the government.
It has also sought moratorium of 120 days from banks on installments and interest payments on term loans and credit lines.
"Currently, the Retail Industry is under lock-down. With no revenue flow, the impact is significant... The entire consumption value chain will feel the impact of store closures," said RAI.
"There is urgent need for immediate economic stimulus to ensure continuity of retail stores and consumption in India," it added.
Meanwhile, the Shopping Centres Association of India (SCAI) has asked for GST rebates to offset the losses on account of lock-downs.
"The implementation of these measures can immensely help the shopping centres and industries... which are already stressed due to the prevailing financial conditions, in mitigating the effects of this unforeseen and presently untreatable pandemic," SCAI Founder Chairman Amitabh Taneja said.
Sales are already down anywhere between 25 to 50 per cent for retailers and cinema, entertainment and restaurant businesses are bleeding, he said.
"Once the country is free from the virus, malls that have emerged as the most vibrant social spaces for Indians to celebrate their leisure time will play a critical role to bring back life and uplift sentiments of the masses. Hence, it is all the more important to ensure that necessary support is provided to the shopping centre industry...," Taneja added. KRH ABM