Business and industry leaders in Surat are hoping that the government will consider their demand to postpone the implementation of the payment time limit rule under sections 43B(h) of the Income Tax Act. The textile industry in Surat has been severely impacted by the new rules, with industry insiders claiming over a 50% drop in business.
Welcoming Centre's "commitment" to GIFT IFSC's comprehensive development, Ray said that the extension of the deadline was crucial to sustain "ease of doing business and ensuring stability in taxation".
The newly implemented rules under the I-T Act related to time limit for payment to small and micro industries is impacting textile trading in a major way. Various textile bodies of the city held a meeting with the Southern Gujarat Chamber of Commerce and Industry (SGCCI) and requested the Union finance minister Nirmala Sitharaman to defer the implementation of the payment norms for a year.