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.
Surat: Operational since 1940, the Southern Gujarat Chamber of Commerce and Industry (SGCCI), one of the largest trade and industry bodies in the stat.
Over 40 participants displayed various products – ranging from buttons to stitching threads and fabrics among others – at the Surat International Exhibition and Convention Centre.
While ASSOCHAM Gujarat Council chairman Chintan Thaker will deliver the inaugural speech, SGCCI chairman Ramesh Vaghasiya will address the gathering at the closing ceremony.
FOGWWA’s textile expo in Sharjah Surat: Vibrant Textile Expo Sharjah 2023, organized by Federation of Gujarat Weaver Welfare Association (FOGWWA) in Sharjah. The event was attended by leaders of Sharjah Chamber of Commerce and Industry (SCCI) and Southern Gujarat Chamber of Commerce and Industry (SGCCI). Various officials of the SCCI also showed support for the initiative.
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