Thursday, May 26, 2022

Centre should waive penal interest for non-compliance of statutory obligations: SCCI

Mail News Service

Jamshedpur, Jan 21:  Singhbhum Chamber of Commerce and Industries (SCCI) has written to Union Finance Minister Nirmala Sitharaman requesting for waiver of penal interest till March 31, against non-compliance of statutory obligations. SCCI President Vijay Anand Moonka said that in 2020, the corona epidemic had caused havoc in all spheres of activity including trade. Normalcy was restored in a gradual process and people had to start the rebuilding and reorientation process after about eight to nine months of panic.  Moonka mentioned, “Before economic activity could fully recover from this COVID pandemic, the second wave of coronavirus emerged to disrupt economic activity once again. Now, the new variant Omicron is spreading faster as per media reports and added to that, work is being hampered by regulatory restrictions and partial lockdowns but not to the extent of damages that happened during the first wave. The due dates or rather, rather deadlines, have been fixed for various statutory compliances by industries and professionals, failing which they will be liable to pay penal interest or notice for possible defaults. As such, many in our business fraternity genuinely feel that it would be impossible for them to adhere to the due dates for all the statutory compliances. Keeping in view the genuine difficulties, the government should waive the penal interest or fee for non-compliance of statutory obligations by the industries and traders by 31.03. 2022, as a goodwill gesture.”

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