New Delhi, Feb 14 (KNN) The Confederation of All India Traders (CAIT) has stepped up its efforts to address concerns surrounding Income Tax Law 43(B)H among traders nationwide, including those in Delhi.

CAIT representatives engaged with Union Finance Minister Nirmala Sitharaman to convey these concerns and propose a solution, on Wednesday.

The association appealed to the government to postpone the implementation of the law from April 1, 2024, to April 1, 2025, providing traders with a one-year deferral period.

This delay would provide traders with sufficient time to understand and comply with the law effectively, CAIT argued.

During the meeting, Praveen Khandelwal, Secretary General, CAIT, recognised the government's progressive move in introducing the provision aimed at improving financial liquidity for micro and small enterprises (MSMEs).

However, he stressed the importance of raising awareness among traders about this beneficial provision and suggested a one-year postponement of its implementation.

Finance Minister Sitharaman attentively listened to the concerns raised by Khandelwal and assured a comprehensive consideration of the matter.

In its memorandum, CAIT welcomed the government's decision, emphasising the significance of ensuring timely payments to the MSME sector within 45 days to maintain uninterrupted cash flow for traders.

However, due to the lack of clarity surrounding the law's applicability and related provisions, CAIT called for the suspension of its implementation until sufficient clarification and nationwide information dissemination are achieved.

Both CAIT National President B C Bhartia and Secretary General Praveen Khandelwal reiterated the importance of addressing the financial challenges faced by the MSME sector.

They emphasised the need to clarify ambiguous provisions and enhance awareness among traders through collaborative efforts involving the Income Tax Department, the Ministry of MSMEs, and trade organisations.

(KNN Bureau)