Due to Corona virus (Covid-19) GOI has announced 1.76 lakh Cr relief package for poor section of the society so that at least they can have their food without much problems. Good and timely in initiative.

Similarly, because of COVID-19 Industry also need such package for their losses. But considering the overall market scenario, we are of the view that only industry which helped the govt and society to fight back during COVID-19 epidemic and supported the society and economy should be given stimulus package.  So stimulus must be Industry specific. It should not be for all type of industries which have nothing to do with COVID-19

COVID-19

So, all type of medicals helps, food grains, vegetables, dairy products, transport, telecom, media etc which are basic requirements of human life deserve such stimulus packages. So people working in these areas must be awarded with good package.

Industry like Auto, Cement, Textile, Mobiles, Electronic goods, Cosmetics, engineering, power, IT sector or such other industry which are not producing  daily use items/products do not need any stimulus package as they can recover the same later when people get purchasing power.

Stimulus must include:  Following exemptions to be given for 1st Qtr of F/Y 2020-21

– GST exemption for industry of special importance such as Medical, Health, Foods Grains, Vegetables, Processed food, Transportation, Telecomm, Diary Products, and other related products and services,

– Exemption or reduction in Income Tax rate for the F/Y 2020-21 for industry of special importance as defined above.

– Exemption from payment of Installments of Term or Working Capital Loans to industry of special importance without payment of interest to be borne by GOI

– Reduction or exemption in Excise Duty and VAT on petroleum products for above said industry of special importance,

– Electricity duty exemption in states, to industry of special importance,

– Exemption from payment of OTHER govt levies and taxes and payments to saving scheme such as PPF, insurance premium etc. to industry of special importance.

Moreover because of COVID-19, some good things have also emerged which are listed as under:

– In many cities like Chandigarh, air quality has come to the level of 33…. Which is otherwise above 100…. Good quality air will improve the health of human being,

– Consumption of diesel, petrol and fuel has come down which will improve forex deficit of the country,

– Due to quality time spending in families, happiness index of individual has gone up,

– Whole country has fought against CORONA which has improved national integrity,

– Due to sanitization of premises, public places, people got time to push Swachh Bharat Abhiyan further,

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Qualification: CMA
Company: ANIL SHARMA & CO. (Cost Accountants)
Location: CHANDIGARH, Chandigarh, IN
Member Since: 27 Aug 2019 | Total Posts: 10
Practicing Cost Accountant since 2003 at Chandigarh View Full Profile

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