chennai businessline wednesday july 8 news ......series challan form (itns-285) by adding...

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BusinessLineWEDNESDAY • JULY 8 • 2020 7NEWS

GBALACHANDARChennai, July7

Micro, small and medium en-terprises (MSMEs) indicate thatchallenges pertaining to avail-ability of workers and con-sumption will make the recov-ery process slow acrosscategories, amid restart of op-erationsacross clusters.Industryrepresentativesand

business owners say that whilecompanies have managed torestart and sustain operationsat lowcapacity levels inthepastfew weeks, challenges remainin the areas of working capital,availability of migrantworkersandofftake fromconsumers.“Overall, there will be 20-25

per cent schedule available forMSMEs. Of course, those whoare in textiles may have betterschedules due to new busi-nesses like PPEs,masks, etc. Butthey face issues of workforceand inadequate working cap-ital loans,” K Srikanth, Con-venor, MSME Panel (TamilNadu),CII, toldBusinessLine.

While the textile segmentwitnessed slow improvementsin the beginning of June andJuly, compared with May, therecovery will be gradual in thetextile value chain because ofits interlinkage with variousmarkets.“For example, yarn spun by

TN spinning mills goes to Ma-harashtraweavingclusters.Butif the weaving cluster is in thered zone and not fully opera-tional, our yarn sector wouldneed to wait for full recovery.

The same applies to retail-linked products too,” saidPrabhu Dhamodharan, Con-venor, Coimbatore-based In-dianTexpreneurs Federation.“In segments like engineer-

ing or auto, the machinery ismeant for a particular techno-logy, unlike the textile ma-chinery, where a stitching ma-chine can stitch anything. So,thesesegmentsarehavingonly15-20 per cent schedule due topoordemand,”addedSrikanth.The business to consumer

(B2C) segment is still hit bypoordemand.Only someneed-basedorreplacementproductsare seeing offtake. But thatshare is very small andsalesaremovingat a snail’s pace. Peopleare unwilling to come out tobuy due to Covid-19 relatedfears.“Also, theentireworkforce in

India is paid less. Very fewcom-panieshavepaidfull salarydur-ing this Covid-19 period. Peoplewill conserve whatever littlemoney they have due to con-cerns over Covid-19-related ex-penses,” addedSrikanth.Whilemost of the represent-

ativesBusinessLinespoketo,ad-

mit thatMSME units are facingchallenges in getting adequateworkingcapital loans, theyalsourge the government to exped-ite theprocessof incometaxre-fund to people in the categoryof above₹5 lakh. “Maybe a par-tial income tax refund in thecategory of ₹5-15 lakhwill be ofhelp in some way during thiscrisis period,” added arepresentative.While consumption is expec-

ted to pick up gradually, MSMEunits worry over the availabil-ity of labour force. They expectthe Stategovernments tobringback the migrant labours theway theywere sent to their nat-ive districts. However, Stateslike Tamil Nadu have indicatedthat theyarenotyetreadytodoso due to very high number ofCovid-19positive cases.

GSTcollectionsMeanwhile, the Consortium ofIndian Associations (CIA) haswarned that GST collection inJune was not reflective of thetruepictureatthegroundlevel.“Whenthe lockdownwasan-

nouncedonMarch25,allMSMEunits had orders to be com-pleted during the last week ofMarch (the annual year-end).But nothing could be done tillMay end. In June, barring unitsin big cities, all others startedoperations. So, with about 65days of invoicing, June collec-tionsshouldhavebeensignific-antly higher. But it was not so,”pointed out KE Raghunathan,Convenorof CIA.

Inadequateworkforce, tepid consumption tomakeMSMErecovery slowamidCovid-19 spike

MSMEs havemanaged to restartand sustain operations

SHISHIR SINHANewDelhi, July 7

The Finance Ministry hasmade it clear that non-resid-ent e-commerce companieswill not get any relief from theequalisation levy. Tuesday wasthe due date for paying thefirst instalment of the levywhich came into effect fromApril 1.“There is no such proposal,”

a senior tax official told Busi-nessLine when asked if therewill be any extension of thedate. The response is import-ant as a group of US and In-dian companies, under thebanner of US India StrategicPartnership Forum (USISF),wrote to Finance SecretaryAjay B Pandey urging him todefer “the date of implement-ation of the levy alternatively,postpone thefirst due date forpayment or at least grant re-lief from interest for delayedpayment of first instalment.”This group has members in-cluding Cisco, Boeing, Dell,Bank of America, Adobe, Fe-

dex, Star & Disney India, ITCand SpiceJet.The Finance Ministry is yet

to take a call ongranting relieffrom interest, in case ofdelayed payment.

Applicable taxIn the 2020-21 Budget, the gov-ernmenthadwidened the am-bit of the equalisation levy(also known as Google Tax) byincluding e-commerce com-panies. The applicable tax rateis 2 per cent (plus a surcharge)on amount of considerationreceived/receivable by an e-commerce operator.Here an e-commerce oper-

ator refers to a non-residentwho owns, operates or man-ages digital or electronic facil-ity or platform for online saleof goods or online provisionof services or both. The lawsays the levywill not be applic-able for any e-commerce oper-ator having permanent estab-lishment in India. Also, anoperator with annualturnover up to ₹2 crore is ex-

empted from the levy. The let-ter to the Finance Secretary(who is also Revenue Secret-ary), as seen by BusinessLine,reiterated the request for de-ferment and clarifications onthe expanded scope of theequalisation levy. The groupfelt that theGovernment is yetto respond to a number ofquestions posed by e-com-merce operators.

Several issues“Since thenew levywasnot ac-companied by the customaryExplanatory Memorandumexplaining the object and pur-pose of the levy, the e-com-merce operators have beengrappling with the scope ofthe expanded levy includingissues such as the scope of‘consideration’ in the case of amarket placemodel, interplaywith existing provisions, ex-

emption under domestic taxlaw, themismatch between ef-fective date of the expandedlevy and corresponding ex-emption under domestic taxlaw, among others,” the lettersaid.It was expected that there

would be answers to ‘Fre-quently Asked Questions(FAQ)’ or clarifications. Rather,on July 3, the FinanceMinistrymodified the Income Tax NewSeries challan form (ITNS-285)by adding ‘E-commerce oper-ator for e-commerce supply orservices’ under the heading‘Type of Deductor’. Also, underaddress section, there is anop-tion to mention ‘Outside In-dia.’ PAN (Permanent AccountNumber) needs to be quotedmandatorily.Businesses are peeved over

the PAN issue. They said onesection of IT law does not re-quire PAN and secondly get-ting PAN for a non-resident atsuch a short notice is not pos-sible. Non-residents do nothave a bank account in India.There could be issueswith dir-ectly remitting payment tothe authorised banks in thecountry, it is said.

US-India business group lists pain points;FinMin says no plan to extend payment date

Norelief fornon-resident e-commcompanies fromequalisation levy AMITI SEN

NewDelhi, July 7

The Centre is likely to give alonger time-frame to e-com-merce companies to display‘country of origin’ forproducts already listed bysellers on their portals, but itwill not exempt such itemsfrom the requirement, a gov-ernment official has said.For new products that get

displayedononline retail plat-forms, however, the timegiven tomandatorily start dis-playing the country of originmay be shorter, the officialtold BusinessLine.“The time-lines that e-com-

merce companies would becomfortable with for display-ing country of origin forproducts sold on their plat-forms will be discussed in asecond meeting between in-dustry representativesandthegovernment likely this week,”the official said. The meetingcould take place on July 8.The government wants e-

commerce companies to dis-play the country of origin foritems sold on their platformsto enable consumersmake in-formed choices. With anti-China feelings running highamong certain section of buy-ers because of the on-going

border tension, there is a feel-ing that many may rejectitems coming fromChina.

Long time toupdateIn the first meeting betweenthe e-commerce companiesand the Department for Pro-motion of Industry and In-ternal Trade (DPIIT) on June25,the e-tailers told the govern-ment that while they wereready to comply with the re-quirement of displaying‘country of origin’ it would bedifficult to do so for itemsalready listed on the platform.For large players like Flipkartand Amazon, the items listedrun into thousands and itwould take a lot of time to up-date them with informationon the countries they origin-ate from.“We understand that it

might take a long time for ex-isting products to be updatedwith country of origin but it

can be surely done. Sellers onthe Government e-Marketplatform have started doingso already,” the official said.Some e-commerce compan-

ies are also worried that dis-playing the ‘country of origin’for the stocks that they holdmay result in the items notgetting sold.WithCovid-19dis-ruptions hurting business,this could be an additionalblow.On the issue of how the

‘country of origin’ is to bedefined and whether sellerswill also have to account forthe inputs sourced from a for-eign country used in theirproducts, the official said thatthere was already an estab-lished system for this.GeM, the online procure-

ment platform for govern-ment bodies, which has madeit compulsory fornewitemstohave the country of originmentioned, has also enabled aprovision for indication of thepercentage of local content inproducts.According to traders’ body

CAIT, which is supporting a‘boycott Chinese goods’ cam-paign, about 70 per cent ofitems sold on major e-com-merce platforms in Indiawereof Chinese origin.

E-commfirmsmay getmore time to display‘country of origin’ for existing products

OURBUREAUNewDelhi, July7

Central public sector enter-prisesshouldquickenthepaceof capital expenditure spend,according to FinanceMinisterNirmala Sitharaman. This is tobedonewhilekeepinginmindefforts to support the growthof theeconomy, shesaid.

Sitharaman said this at ameeting with Secretaries ofMinistries of Petroleum andNatural Gas, Power, Coal,Mines, and the Department ofAtomic Energy. Chairman andManagingDirectorsof 23Cent-ral Public Sector Enterprises(CPSEs) belonging to theseMinistries also attended themeeting.

The meeting, held throughvideoconference,wasapartofa series of meetings that theFinance Minister is havingwith various stakeholders toaccelerate economic growth,anofficial statementsaid.

In fiscal 2019-20, the capitalexpenditure target of the 23CPSEs was ₹1,64,822 crore. Theachievement was ₹1,66,029crore.Thecapextarget forFY-21is ₹1,65,510 crore. The capexachievement by the CPSEs inthe first quarter of FY21 stoodat₹20,202crore.

SitharamannudgesCPSEs to expeditecapex spend

OUR BUREAUNew Delhi, July 7

In order to boost foreign in-vestment in infrastructure,the Income Tax Departmenthas notified norms for taxexemption on interest, di-vidend and capital gain in-comes of sovereign wealthfunds (SWFs) and globalpension funds arising fromtheir investments in infra-structure here.The notification is a fol-

low-up to a new provision(Section 10-clause 23FE) ofthe Finance Act 2020 whichtalks about tax exemptionto certain category of non-resident investors on theirincome streams such as di-vidends, interest and cap-ital gains. The exemptionwill be applicable on “anyincome of a specified per-son in the nature of di-vidend, interest or long-term capital gains arisingfrom an investment madeby it in India, whether inthe form of debt or sharecapital or unit if the invest-ment is made on or afterApril 1, 2020 but on or be-fore March 31, 2024 and isheld for at least threeyears.”

Global investorsThe provision is meant forglobal investors such as AbuDhabi Investment Authoritythrough their whollyowned subsidiary, Sover-

eign Wealth Funds and Pen-sion Funds and increasestheir commitment/alloca-tions to India. Experts say,based on the notificationdated July 6, investmentsmade by these investorfunds directly or throughvehicles such Category-I orCategory-II Alternative In-vestment Fund (AIF) into asmany as 34 defined infra-structure sectors will qual-ify for exemption.The notification issued fi-

nally aligns the definitionof the term “infrastructurefacility” with the Harmon-

ised Master List issued bythe Finance Ministry in2018. Pursuant to the noti-fication, investing in Indianinfrastructure would turnattractive, unmindful ofhasty down grade of coun-try ratings and allow long-term stable capital to chasehigh quality infrastructureprojects.

Capital flow“Allowing such a wide-ran-ging list of qualifying in-vestments for tax incentiveswould allow capital forma-tion to flow into social in-

frastructure such as educa-tional institutions, sportsstadiums, tourism, opera-tionalise long pending in-vestment creation of theme-based parks including foodparks, mult-modal logisticsparks and textile parks,”Aravind Srivatsan, Partnerat Nangia Andersen LLPsaid. Further, themes whichresonate with the new Indiasuch as city gas distributionnetwork, bulk materialtransportation pipelines,urban public transport andrail infrastructure will alsoqualify.

I-T exemptionon sovereignwealth funds’income from infra investmentnotified

OURBUREAUNewDelhi, July7

For the first time, the FifteenthFinance Commission (FFC)willdevote an entire chapter onhealth financing in its final re-port, its Chairman NKSinghhas said. He also said that thehigh-level committee on thehealth sector constituted bytheFFCandtheWorldBankwilldove-tail their study and ana-lysis to come up with suitablerecommendations for the sec-tor.The Government of India’s

spending on health throughCentrally sponsored schemeswill also be studied in detail bytheCommissionbefore it givesits recommendations to theUnionGovernment, Singh saidduring a meeting with repres-entatives of the World Bank,NITI Aayog andmember of theFFC’s high-level group on thehealth sector. The World Bankwas represented by JunaidAhmad, Country Director;Muhammad Ali Pate, GlobalDirector; and other senior offi-cials. Randeep Guleria, Dir-ector, AIIMS; Indu Bhushan,CEO, Ayushmann Bharat; andVK Paul, Member, NITI Aayog,also tookpart inhemeeting.World Bank’s Junaid Ahmad

said that health was not just asocial expenditure but also im-portant for economic growthand development of thecountry.

Finance panelreport to devotea chapter tohealthfinancing

OURBUREAUNewDelhi, July 7

The Appointments Commit-tee of the Cabinet has ap-proved the appointment ofInjeti Srinivas, a retired IASofficer, as Chairman of Inter-national Financial Services

Centres Authority (IFSCA).Hehasbeenappointed for a

period of three years. Srinivaswas Secretary, Ministry of Cor-porate Affairs (MCA), beforehe superannuated onMay 31.Headquartered inGandhin-

agar in Gujarat, IFSCA is a uni-

fied authority to regulate allfinancial services in Interna-tional Financial ServicesCentres in the country.Besides the Chairman, IF-

SCA has a member each nom-inated from RBI, IRDAI, SEBIand PFRDA.

Injeti Srinivas appointed IFSCAChairman

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