Indian Govt is considering delaying Section 43B(H) following requests from industries
Key Points:
- The Indian government is thinking about delaying Section 43B(h) of the Income Tax Act 2013.
- This section requires timely payments for micro and small enterprises.
- Finance minister Nirmala Sitharaman has promised trade organizations that their demand for postponement will be considered.
- No official announcement has been made by the government yet.
Summary:
- A delegation led by C R Patil, MP from Navsari (Gujarat), met with Finance Minister Nirmala Sitharaman.
- The delegation included representatives from trade bodies like CAIT and FOSTTA.
- After the meeting, trade organizations in Ahmedabad and Surat shared news of a possible one-year postponement of a new payment rule.
- TAAS issued a press statement cautioning that an official announcement is still pending.
- Since January 2024, trading activities have slowed due to the new rule, affecting businesses nationwide.
- Trade groups are urging for a phased implementation to minimize disruptions.
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