Indian Printing Packaging and Allied Machinery Manufacturers’ Association (IPAMA) has requested the Government of India to consider the following suggestions which they believe is not only for the revival of the industry, but also to bring the industry on its original track.
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Extension of Financial Year: It is the March-ending and there are many financial deadlines that fall in this month to be completed by the respective units. All over the country, all major cities have been partially or completely locked down. Since there is negligible working in the factories and offices, it is proposed to extend the financial year up to 31 May 2020 instead of 31 March 2020. Even after the normalization of the prevailing conditions, it will take considerable time for the industry to come back to the normal position.
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Wages of workers: It is proposed that the wages for the period of lockdown should either be paid by ESIC or permission may be given to adjust the same against the casual or medical leaves as immediate relief to the industry. The industry owner can bear up to a limited period, but it is not possible for them to bear the wages of the workers for months, particularly by the MSME Units, which are bearing the brunt of the prevailing situation. Or government may bear the employer’s contribution of PF & ESI. It is not possible for Industry to do all the sacrifices. During the lockdown there is no earning of industries.
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Relaxation for the payment of GST: As GST is directly related to the purchase and sale of the material, it is not possible for industrial units to cope up with the deadlines. It is requested to give relaxation of date for the payment of the GST. However, the GST related payments will be made by the industrial units on the revised date fixed by the Government authorities. We all stood by the Government to maximize the payment of Government taxes which certainly are in the interest of all concerned. We also understand fully that the government alone cannot fight with the pandemic disease which require assistance and support from all the Indian citizens .in this hour of crisis.
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Relaxation of bank interest relating to working capital: Bank interest levied on the finances which are taken by the Industrial units to meet their requirement of working capital and that they make best use of the same for the growth and development of the business. As everything is on hold, therefore, it is requested to give relaxation on the bank interest too. The percentage of interest may also be reduced to an affordable level, reduction of 1% or 2% may give a huge boost and support to the industrial units.
