Indian Sleep Products Federation (ISPF) has placed a request with the Government to support the survival of the industry, producing mattresses of foam, spring & coir and other sleep related products. COVID-19 has affected all segments of life and industries in the country.
The association has submitted urgent requests to Nirmala Sitharaman, Minister of Finance and Corporate Affairs, to seek help in sailing through such challenging times.
* GST discounts should be discharged to excise exempted units promptly and accelerate GST discounts to improve the cash flow. Deferment of GST deposits should be up to 90 days since no money has been generated from customers and as the business cycle has totally stopped.
* The government has been requested to support the industry with 50 per cent of wages, since the Government has made it mandatory to pay all workers during lock-down period. Business and employee commitment towards PF and ESI might be borne by the Government for this quarter of a year, as an installment of wages is compulsory for laborers.
* The advance tax due for June 2020 may be deferred to Sept 2020. The banks should be advised to increase the credit limit by 25 per cent without any additional collateral or conditions, on ad-hoc basis. The customs duty and surcharges should be reduced by 50 per cent for the next three months.
* All indigenous manufacturers have surplus production capacity. ISPF has requested imports of furniture and mattress should kindly be banned. They believe, with this support, the Industries will recover in short period of time and the business will get back to normalcy. This is a special one-time request made by the industry to survive in this unprecedented time of crisis.
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( With inputs from ANI )