Skip to content
Master Your Money — Maximize Your Wealth — Master Your Money — Mastering Markets — Financial Tech Innovations — Finance Insider's Sports Hub

CII Proposes GST Cuts, Hospital Support, and Economic Relief Measures to Combat COVID-19

CII calls for GST relief on essentials. It's also helping combat COVID-19 with hospital lists and economic stimulus proposals.

,   and  Administrator
1 min read
In this image there are buildings, bridges, water, architecture, cloudy sky, trees, grass, roads,...
In this image there are buildings, bridges, water, architecture, cloudy sky, trees, grass, roads, vehicles, people, boats and objects.

CII Proposes GST Cuts, Hospital Support, and Economic Relief Measures to Combat COVID-19

The Confederation of Indian Industry (CII) has stepped up to support the nation in combating the COVID-19 pandemic and mitigating its economic impact. It has proposed several measures to provide relief to citizens and industries.

CII has advocated for a reduction in Goods and Services Tax (GST) rates on essential items such as sanitisers, medical equipment, and drugs. This move aims to ease the financial burden on citizens during these challenging times.

In addition, CII has prepared a list of private hospitals and isolation beds in 20 states. These facilities have been identified for voluntary provision to help combat the pandemic. The industry body is also supporting the government and industry in various ways to tackle the crisis.

To address the economic impact of COVID-19 shutdowns, CII has suggested policy measures on fiscal and monetary fronts. It recommends creating large Active Pharmaceutical Ingredients (API) parks with fiscal incentives to reduce dependence on imported APIs in the pharmaceutical industry. Furthermore, CII proposes tax waivers and a grace period for utility and GST payments for distressed sectors like MSME, aviation, and hospitality.

CII's proposals also include relief measures for the tourism, aviation, and e-commerce sectors, along with reliable connectivity for the IT/ITES sector. It has appealed to corporates to retain employees, especially informal workers, and manufacture essential medical supplies affordably. On the monetary front, CII suggests reducing the repo rate and cash reserve ratio by 50 basis points and examining moratorium on debt repayments and NPA recognition. The industry body proposes a fiscal stimulus of ₹ 2 lakh crores (one per cent of GDP) through Aadhar-based Direct Benefit Transfer to help the nation navigate through these unprecedented times.

Read also:

Related

Latest