ENA MSME 2024-02-14 17:41:30 <p><span style="font-size:14px"><strong>New Delhi, Feb 14 (KNN)</strong> 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.</span></p> <p><span style="font-size:14px">CAIT representatives engaged with Union Finance Minister Nirmala Sitharaman to convey these concerns and propose a solution, on Wednesday.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">This delay would provide traders with sufficient time to understand and comply with the law effectively, CAIT argued.</span></p> <p><span style="font-size:14px">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).</span></p> <p><span style="font-size:14px">However, he stressed the importance of raising awareness among traders about this beneficial provision and suggested a one-year postponement of its implementation.</span></p> <p><span style="font-size:14px">Finance Minister Sitharaman attentively listened to the concerns raised by Khandelwal and assured a comprehensive consideration of the matter.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 36704 https://knnindia.co.in/news/newsdetails/msme/cait-urges-finance-minister-to-delay-enforcement-of-it-payment-provisions 2024-02-14 17:41:30 knnindia.co.in