FICO URGES UNION FM TO EXTEND DUE DATES OF TCS / TDS
Also thanks the government for taking proactive steps to safeguard interest of MSME
Ludhiana: Gurmeet Singh Kular President along with Rajeev Jain General Secretary FICO (Federation of Industrial & Commercial Organization) urged Nirmala Sitharaman Union Finance Minister, Government of India to provide relief to the industry by extending the dates of TCS/ TDS till 30.06.2020 without any interest/ penalty.
In a statement here today, they said, “We first of all thanks on the proactive steps taken by the government to safeguard interest of MSME after India is impacted by COVID-19, which was informed through RBI Moratorium Circular No. RBI/2019-20/186 dated 27-Mar-2020.”
They added the Government of India has reduced the interest on late payment of TCS/ TDS from 18% to 9%; but keeping the current scenario in consideration, that is not enough, the date for depositing the TCS/ TDS should be extended till 30.06.2020 without levying any interest/ penalty.