— Requests for aid for the small traders in Surat were made by SGCCI President Ramesh Vaghasia, Vice President Vijay Mewawala, and a team when they met with Revenue Secretary Sanjay Malhotra in New Delhi.
In a meeting with Government of India Revenue Secretary Sanjay Malhotra on Tuesday in New Delhi, a delegation from the Southern Gujarat Chamber of Commerce and Industry (SGCCI), which included President Ramesh Vaghasia and Vice President Vijay Mewawala, requested an extension of one year for the implementation of Section 43B(h) of the Income Tax Act.
According to SGCCI President Ramesh Vaghasia, Section 43B of the Income Tax Act now includes column (h), which went into effect for the 2003–2004 fiscal year. The SGCCI has received numerous complaints alleging that this regulation is causing havoc in the market and that small dealers are going out of business. Small traders and the SGCCI met to discuss Section 43B(h) of the Income Tax Act. During the discussion, the dealers requested that this section’s implementation be postponed for at least a year.
In light of the comments made by small business owners and dealers, the delegation and the Revenue Secretary have discussed the proposal to change Section 43B(H) of the Income Tax Act. Although it is obvious that the provision is meant to help small business owners and merchants, there is room for certain industry-specific changes when it comes to its application. The SGCCI has asked for a one-year extension of this rule’s implementation. The delegation emphasized that traders’ confusion will be eliminated, and small business owners and traders will undoubtedly profit from the integration of the industry’s various sectors and value chain.
In addition, it was asked that the GST system be modified as needed to address problems with obtaining new numbers and filing forms. Sincere traders are losing money as a result of a few fraudulent instances involving false invoices and false ITC credits, which is having an effect on company.
