ANI
24 May 2020, 00:07 GMT+10
New Delhi [India], May 23 (ANI): There are no plans to impose calamity cess on the Goods and Services Tax (GST) to tide over the economic crisis caused by COVID-19 and the lockdown imposed to prevent its spread, Finance Ministry sources said on Saturday.
The sources said there have been reports in a section of the media about such a cess and tinkering with taxes would not be a prudent option in the given scenario.
"There have been stories claiming that the Centre is considering a calamity cess on GST to tide over the economic crisis. In the present economic scenario in COVID-19, any purported proposal of introducing a calamity cess would be nothing less than adversity itself," a source said.
They said any such proposal would prove to be "counter-productive" as the sales figures are already low due to slump in demand and introducing a cess, which would lead to a further increase in prices, could hamper the sales even further.
"Any such proposal would be counter-productive as at this time sales are already low. The industry is facing a crisis for want of demand and likely labour challenges that might come in future due to COVID-19. Tinkering with taxes/cess wouldn't be a prudent option," the source added.
The report said that Centre was mulling a calamity cess in line with the disaster relief cess introduced in Kerala following the floods in 2018. (ANI)Get a daily dose of Orlando Echo news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Orlando Echo.
More InformationATLANTA, Georgia: The United States is facing its worst measles outbreak in more than three decades, with 1,288 confirmed cases so...
In the past month alone, 23 Israeli soldiers have been killed in Gaza—three more than the number of remaining living hostages held...
LONDON, U.K.: At least 13 people are believed to have taken their own lives as a result of the U.K.'s Post Office scandal, in which...
WASHINGTON, D.C.: Travelers at U.S. airports will no longer need to remove their shoes during security screenings, Department of Homeland...
WASHINGTON, D.C.: An elaborate impersonation scheme involving artificial intelligence targeted senior U.S. and foreign officials in...
SLUBICE, Poland: Poland reinstated border controls with Germany and Lithuania on July 7, following Germany's earlier reintroduction...
ATLANTA, Georgia: The United States is facing its worst measles outbreak in more than three decades, with 1,288 confirmed cases so...
WASHINGTON, D.C.: After months of warnings from former federal officials and weather experts, the deadly flash floods that struck the...
(Photo credit: David Butler II-Imagn Images) Ceddanne Rafaela hit a walk-off, two-run home run in the bottom of the ninth inning...
(Photo credit: Daniel Kucin Jr.-Imagn Images) Baltimore starter Dean Kremer held the visiting Miami Marlins to three singles across...
(Photo credit: Nathan Ray Seebeck-Imagn Images) The Tampa Bay Rays placed All-Star second baseman Brandon Lowe on the 10-day IL due...
(Photo credit: REUTERS/Steve Marcus) WBA lightweight champion Gervonta 'Tank' Davis was arrested in Miami Beach on Friday morning...