Mysuru Industries Association takes up demands of MSMEs from the region to Sitharaman
Mysuru, Aug 23 (KNN) The Mysuru Industries Association (MIA), whose members are the micro, small and medium enterprises of Mysuru, Mandya and Chamarajanagar districts, has submitted a representation to the Finance Minister Nirmala Sitharaman at the Government House in the city.
The association hailed the finance minister for taking measures towards economic development of the nation and interacting with industry and trade organizations.
The association, in the representation, made several demands related to Income Tax, Goods & Services Tax (GST), financial inclusion, sector specific issues etc.
MIA urged the government to waive off interest and penalty accumulated against TDS etc and make a robust system immediately to overcome crisis across industrial sectors.
The interest rate of 18% p.a. stipulated under GST Law is extremely high considering that the borrowing rates for large entities are in the region of nearly 9% p.a, noted MIA requesting to relook at it and work towards bringing down the interest rate to 9%.
“Quite often, we face certain glitches while uploading data on GSTN portal. Lot of unproductive time and effort is wasted in uploading the data/ returns. Presently, we are experiencing lot of difficulties countrywide, while uploading GSTR – 9 & 9C returns applicable for the year 2017-18,” MIA said.
Certain provisions, which were kept in Central Excise Law for the convenience of the assessees related to the common business practices do not find place under GST law. Section 11C under erstwhile Central Excise Act is a case in point. Similar provisions should be introduced to reduce the hardships to assesses under GST law, added the association.
The Automotive Component Manufacturers Association (ACMA) has expressed grave concern for loss of nearly 1 million jobs, if the contraction persists in Automobile Sector. On this, MIA said the industry requires an immediate fiscal stimulus to revive the growth/ employment.
MIA suggested that the Central & State Governments together must make efforts to revive festive season demand for Commercial Vehicles and Passenger Vehicles to accentuate the pace of growth for ailing Automobile Sector.
The thrust on Electric Vehicles may be deferred in favour of Internal Combustion Engine (ICE) vehicles to ensure that the transition to Electric Vehicles is smoother, even if it is happens in a slower pace, it suggested
Requesting to boost financial inclusion, MIA said, “It is regret to mention that with all the efforts of RBI and Banks, only 7-10 % of Self Employed, Petty Businessmen, SME’s availed Bank Finance. Rest is with private money lenders paying exorbitant interest as per report of National Crimes Records Bureau. Nearly 21% of the suicides in India are due to financial relating issues.”
Skill India is it really getting the envisaged benefit? How are we encountering artificial intelligence which is making people redundant (many repetitive jobs would be replaced by automatic/robots etc.), asked the association. (KNN Bureau)