Surat: Memorandum to the Revenue Secretary to extend the implementation of Section 43B (H) of the Income Tax Act by one year. Loktej Surat, Business News

Ramesh Vaghasia, President, South Gujarat Chamber of Commerce and Industry, personally met Sanjay Malhotra, Revenue Secretary, Government of India, in New Delhi on Tuesday, February 27, 2024 and approved the implementation of Section 43B (H) of the Income Tax Act as a Requested to extend it by one year and provide relief to small entrepreneurs.

Chamber of Commerce President Ramesh Vaghasia said that clause (h) has been added to Section 43B of the Income Tax Act and it has been made applicable from the financial year 2023-2024. The Chamber of Commerce received representations from businessmen in the city that the rule has created chaos in the market and is taking away business from small entrepreneurs. A meeting was held by the Chamber of Commerce with small traders to discuss Section 43B(H) of the Income Tax Act, in which it was proposed to extend the implementation of this section by small traders by one year. Hence a presentation in this regard was made to Sanjay Malhotra, Revenue Secretary, Government of India, by the Chamber of Commerce in New Delhi.

The Chamber President discussed with the Revenue Secretary of the Government of India for amendment in Section 43B(H) of the Income Tax Act in relation to the representations received by the Chamber of Commerce from small businessmen. The clear objective of this section is to benefit small entrepreneurs and small traders but there is scope for some industry-specific amendments in its implementation. Therefore, the Chamber of Commerce applied to the Revenue Secretary requesting extension of the implementation of this rule for one year. It was discussed that if all the sectors of the industry as well as its entire value chain are integrated, the confusion of traders will be removed and small entrepreneurs and traders will definitely benefit from it.

Apart from this, the Revenue Secretary was also given information on small and big issues related to GST. It was also requested to make necessary improvements in the system so that GST related problems are resolved quickly and there are no problems in getting new numbers and filling forms. Due to some fraudulent incidents of fake billing and taking fake ITC credit, genuine traders are suffering losses, which is impacting the business.

Apart from this, the Chamber President informed the Revenue Secretary about the development of Surat. He was requested to hold a meeting with the industrialists of Surat and come to Surat to guide them, which the Revenue Secretary gladly accepted. Further, the Chamber President made a presentation to them on SGCCI Global Connect Mission 84 and apprised them of the efforts being made by the Chamber of Commerce to further strengthen the Indian economy. Revenue Secretary Sanjay Malhotra was very impressed with Mission 84 and assured to come to Surat to interact with the industrialists of Surat, so he will come to Surat in the near future and interact with the industrialists and businessmen face to face and give them necessary guidance. .