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High GST crippling IT sector: RITPA
High GST crippling IT sector: RITPA
RUSHIKONDA IT Park Association (RITPA) sought cut in goods & services tax (GST) on IT sector from 18 per cent to 12 per cent as the high incidence of taxation was taking a heavy toll on the key industry
Visakhapatnam: RUSHIKONDA IT Park Association (RITPA) sought cut in goods & services tax (GST) on IT sector from 18 per cent to 12 per cent as the high incidence of taxation was taking a heavy toll on the key industry.
"This is a crippling factor for us to scale up and we hope the Centre will reduce GST as requested by the IT sector across the country,"O Naresh Kumar, the association's vice president, told Bizz Buzz. He further said that GST should be made payable on receipt of payment of invoice and not on raising the invoice.
"TDS on IT services is currently fixed at 10 per cent. This should be reduced to 2 per cent like in contracts. GST on software products also must be reduced from 18 per cent to the lowest slab to encourage more purchases as part of attempts to revive the economy after the pandemic hit everyone," he explained.
Work from home or remote working has become the norm of the day for most organisations due to the pandemic. With the government relaxing rules for IT/ ITeS industry and increasing number of employers extending work from home for the long run, there is a sizable population of employees working remotely in India.
Employers have extended remote working even after the lockdown was lifted considering employee health and safety and to some extent the associated costs.
He said: "The convenience of working from home has also brought along additional expenses for employees, such as investment in high-speed internet, power back-up, setting up a home-office requiring work chairs and desks, electronic accessories and air conditioning to maintain efficiency.
Some employers have granted allowances, reimbursements and even assets to employees to meet these requirements."
