A.P. Chambers seeks more time for paying taxes

There has been a drop of 70 per cent in sales because of lack of cash, says its president

The Andhra Pradesh Chambers of Commerce and Industry Federation (APCCIF) appealed to Chief Minister N. Chandrababu Naidu to extend the due date for payment of VAT and other taxes till December 15 without any penalty in view of the impact of demonetization of old currency notes.

APCCIF president M. Murali Krishna wrote to Mr. Naidu stating that the sudden demonetization of Rs.500 and Rs.1,000 notes badly affected the retail and wholesale businesses by causing a steep fall in sales volumes.

There had been a drop of 70 per cent in sales as most of the customers were not in a position to make cash payments. Despite the efforts being made by the Central government and Reserve Bank of India, the huge gap between demand and supply of cash persisted and it was likely to take another two weeks for the situation to normalise.

Mr. Murali Krishna said that the taxes collected during October had to be remitted to the government before November 20, which would aggravate the sufferings of small business people.

The Chambers received several representations for extending the deadline for payment of taxes and by conceding the pleas the government would be giving a big relief to the business community in difficult times.