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The Gujarat Chamber of Commerce and Business (GCCI) has demanded reduction in earnings tax for items which have spent cash to arrange medical infrastructure to deal with Covid-19 sufferers.
“Industries in Gujarat have spent generously in the course of the second Covid-19 wave and stood by the authorities to create medical infrastructure. GCCI has urged to the federal government of India to permit 100% depreciation underneath the earnings tax legislation within the first 12 months on funding of medical gear in addition to creation of medical infrastructure within the remedy of Covid-19 sufferers,” Natubhai Patel, president of GCCI, mentioned.
He mentioned this can encourage the business to additional put money into serving to folks in the course of the potential third Covid-19 wave.
Bharat Sheth, president of the Gujarat Federation of Tax Consultants, mentioned the central authorities ought to present reduction on any bills of belongings made by industries associated to Covid-19. It ought to permit 100% depreciation within the first 12 months of funding. In case of any bills on offering medical devices and units to hospitals, the federal government ought to permit 100% deduction underneath the pinnacle of donation with none restrict or circumstances, he mentioned.
The GCCI has additionally written to Finance Minister Nirmala Sitharaman that business associations and industrial items have began preparations to deal with the potential third wave of the pandemic in Gujarat. GCCI has began gathering help and dedication for funding in medical units and well being infrastructure to help the state authorities, it mentioned.
“Through the second wave … GCCI began an oxygen financial institution, arrange a Covid isolation centre and undertook repairs of crematoriums in Ahmedabad. GCCI additionally donated 50 BIPAP machines to numerous authorities hospitals throughout Gujarat,” Patel mentioned.