2024-02-09 20:30:00
10 February 2024, 02:00 AM IST
Shops will be closed on the 13th
Kochi: Central Government MSME The State Committee of Kerala Textile and Garment Dealers Welfare Association (KTGA) has demanded the immediate withdrawal of amendment to the 43 (b) H Act brought to help the firms.
According to amendment 43 (b) H of the Finance Act introduced by the Central Government in 2023, if traders purchase products from small and micro enterprises, they must pay within 15 days and if there is a special agreement within 45 days, otherwise, at the end of the year, such amounts will be considered as income of the creditor who purchased the product and a 32 percent tax will be charged. According to the association, the effect of this amendment on traders is based on the figures as on March 31 of the current financial year.
Now there is an amicable situation where the credit period is fixed mutually between the traders. The association said that it would be harmful if the Ayat is changed and the mandatory rules are imposed and the shops will be closed on the 13th.
In the meeting, state president T.S. Pattabhiraman presided. Vice President Srikanth, General Secretary K. Krishnan, state officials Shanawas, M.N. Babu, Nawab Jan, Jauhar, Bapu, Sharif, Junaid, Nizamuddin and others spoke in the meeting.
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