Payment Norms News Today

Textile traders from Surat met FM Nirmala Sitharaman to raise concerns over new payment norms in the Income Tax Act. Weaving industry players support the norms, while textile retailers across the country have stopped buying from Surat traders. Surat's weaving industry leaders oppose the demand for extending the payment time limit.

Textile traders from Surat met FM Nirmala Sitharaman to raise concerns over new payment norms in the Income Tax Act. Weaving industry players support the norms, while textile retailers across the country have stopped buying from Surat traders. Surats weaving industry leaders oppose the demand for extending the payment time limit.

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.

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