ISPF appeals to relaxation during COVID-19 crisis
Indian Sleep Products Federation (ISPF) has asked the Government to support the survival of the industry by manufacturing foam mattresses, spring & coir and other sleep-related products. COVID-19 has affected all segments of life and industry in the world.
The association has submitted urgent requests to Ms. Nirmala Sitharaman, Hon’ble Minister of Finance and Corporate Affairs, to seek help in sailing through such challenging times.
GST discounts should be issued to Excise Exempt Units immediately and boost GST discounts to improve cash flow. Deferral of GST deposits should be up to 90 days as no money has been raised from customers and the business cycle has completely stopped.
The Government has been asked to help the industry with 50% of salaries, as the Government has made it mandatory to pay all employees during the lock-down period. The contribution of the company and employees to PF and ESI might be borne by the govt. for this quarter of a year, as an installment of wages is compulsory for laborers.
The advance tax due for June 2020 can be postponed until September 2020. Banks will be recommended to increase the Credit Limit by 25% on an ad hoc basis without any additional collateral or conditions. In the next three months, customs duties and surcharges will be reduced by 50%.
All indigenous manufacturers have surplus production capacity. ISPF requested that the imports of Furniture and Mattress should be prohibited. With this help, they expect that the Industries will rebound in a short period of time and that the market will return to normalcy. This is a special one-time request made by the industry to survive this extraordinary time of crisis.