Latest GST News: The hotel industry has asked for deferment of bank loans and statutory dues. The reason is major financial pressure due to the cancellation of conferences, weddings and banquet bookings to stave off from the spread of Coronavirus (Covid-19). It has also sought holiday from GST (Goods and Services Tax) before the industry reaches the revival path.
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“Most hotel owners have taken loans from banks and in the current situation, it seems difficult for us to pay interest and bank EMIs (Equated Monthly Instalments). Banks should be advised to consider the situation and cooperate with us and defer the EMIs and interest till the situation becomes normal. Also, Cibil (Credit Information Bureau Ltd) score should not be affected in the current business environment. Similar measures have already been taken by countries like the US and China,” J K Mohanty, co-chairman, Ficci Tourism National Council and chairman (Eastern region), Indian Association of Tour Operators (IATO) wrote to Prime Minister Narendra Modi in a memorandum.
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Hoteliers also demand that statutory duties such as GST, advance tax payments, Employees Provident Fund (EPF) and Employees State Insurance Corporation (ESIC) should be postponed until normalcy is restored in the operations. These measures of central government would help the travel and hospitality industries at this challenging time of crisis, they reasoned.
At state level, they have called for waiver of fees for upcoming licenses, permits or renewals such as municipality holding tax, bar license fees, groundwater fees and electricity fees until the travel and tourism industry recovers from the COVID-19 pandemic crisis. Mohanty has advocated GST holidays for the next 12 months to promote the smooth recovery of hotel and travel businesses.
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He also requested for the immediate sanction of funds under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) for employees engaged in the tourism sector until revival comes up.
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