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Traders asks Govt to rectify 'issues' vis-a-vis payment to MSMEs under rule 43B(H)
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Tuesday, 19 March, 2024, 08 : 00 AM [IST]
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Ashwani Maindola, New Delhi
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Traders has urged the Union Government that issues related to payment under Section 43B(H) of Income Tax Act, which stipulates payment within 45 days to MSMEs, needs immediate attention.
The provision, however is good, but its ill effects on small traders needed to be rectified, said traders while asking for its postponement.
There was a detailed discussion held on this topic in Delhi recently amongst traders.
CAIT Maharashtra State senior president Mahesh Bakhai said that this provision may lead to losses for small traders, as they do not get a level playing alongside the big traders.
"There are many places where long term credit is an integral part of the business. Many big buyers have already stopped purchasing goods from MSMEs. Due to this, many micro and small MSMEs have gone out of business and may be declared NPA within two months," he said
The traders meanwhile urged the top leadership of the Union Government including the Prime Minister and urge them to postpone this law for a year or at least six months, giving time to reevaluate the pros and cons of this rule.
Shankar Thakkar CAIT State general secretary Maharashtra has requested all the traders organisations to send emails to the Prime Minister and the Finance Minister, explaining their problems and implementable solutions.
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