Stay updated
Clothing Manufacturers Association of India (CMAI) and 14 leading Garment Trade Associations from across India collectively met as a Group of Associations and under ONE INDUSTRY, ONE VOICE passed a unanimous resolution for submission to Group of Ministers (GoM) to abandon a proposal to modify GST rates in the Garment Sector, and retain the existing structure of 5% and 12%.
In a writ petition filed by the Garment Exporters Association of Rajasthan challenging the constitutional validity of a new clause under section 43B(h) of the Income tax Act, a Rajasthan High Court bench comprising Justices Pankaj Bhandari and Praveer Bhatnagar has issued notices to the Centre and the Central Board of Direct Taxes (CBDT).
As Prime Minister Narendra Modi is set to form the government for the third time, industries in the state are anticipating policies aimed at fostering economic growth, sustainability, and innovation besides providing positive reforms in the Micro, Small and Medium Enterprises (MSMEs).
The government is racking its brains for options to relax the 45-day payment rule to MSMEs that has come into effect from April 1, 2023, as the rule may disrupt business practices due to its severity and lack of clarity. In order to provide relief to businesses the government is mulling diluting the rule in the Union Budget after the elections.
Three trade bodies have moved the Supreme Court against a new income tax provision related to payment to micro and small enterprises. Federation of All India Vyapar Mandal, Federation of Madras Merchants and Manufacturers Association and Confederation of West Bengal Trade Associations have sought interim stay and finally quashing the amendment in the Income Tax Act.
City-based industrial organisations have challenged the implementation of section 43-B of the Income Tax Act in the Supreme Court, seeking that it be deferred for at least one year.
The financial year 2023-24 is about to end, so all taxpayers who purchase goods or services from MSME registered MICRO and SMALL manufacturers and service providers are required to make payment within 45 days or if there is no agreement, then the payment is to be made within 15 days.
As model code of conduct is in operation, postponing the implementation of amendment in Income Tax Act related with deduction…
The Micro, Small, and Medium Enterprises (MSME) industry stands as the growth engine of the Indian economy, contributing significantly to…
The Central Board of Direct Taxes (CBDT) issued Notification No. 34/2024 F. No. 370142/3/2024-TPL dated 19.03.2024 as Corrigenda to Notification…