Surat : Chamber of Commerce President Meets Revenue Secretary, Seeks Tax Relief for Small Entrepreneurs
South Gujarat Chamber of Commerce and Industry Pushes for Amendment to Income Tax Act, GST Improvements, and Industry Development
Surat : Ramesh Vaghasia, President of the South Gujarat Chamber of Commerce and Industry (SGCCI), held a crucial meeting with Sanjay Malhotra, the Revenue Secretary of the Government of India, in New Delhi on February 27, 2024. The agenda included advocating for the extension of Section 43B (H) of the Income Tax Act to provide relief to small entrepreneurs and traders.
The meeting was prompted by concerns raised by local businessmen regarding the chaos and negative impact on small entrepreneurs caused by the recent implementation of Section 43B(H). This clause, added to the Income Tax Act for the financial year 2023-2024, was deemed burdensome and detrimental to small traders. SGCCI, in response to these concerns, proposed extending the implementation of the section by one year, which was presented to Revenue Secretary Sanjay Malhotra.
President Ramesh Vaghasia highlighted the need for industry-specific amendments to ensure that the intended benefits of Section 43B(H) reach small entrepreneurs effectively. The Chamber of Commerce emphasized the importance of integrating all sectors and value chains of the industry to alleviate confusion among traders and to ensure that small entrepreneurs and traders benefit from the provision.
In addition to the tax-related issues, the meeting also addressed concerns regarding the Goods and Services Tax (GST). SGCCI requested improvements in the GST system to expedite problem resolution and simplify processes for obtaining new numbers and filling forms. The Chamber also raised concerns about fraudulent activities such as fake billing and misuse of Input Tax Credit (ITC), which are causing genuine traders to suffer losses.
President Vaghasia took the opportunity to brief the Revenue Secretary on the development activities in Surat. He requested Malhotra to hold a meeting with industrialists in Surat and provide guidance. The Revenue Secretary accepted the invitation and expressed his eagerness to visit Surat soon to interact with industrialists and businessmen personally.
Furthermore, President Vaghasia presented the SGCCI Global Connect Mission 84 to the Revenue Secretary, outlining efforts to bolster the Indian economy. Impressed by the mission, Malhotra assured his presence in Surat in the near future to interact with industrialists and provide necessary guidance for further development.
The meeting concluded with a positive note, indicating a collaborative effort between the SGCCI and the Government to address the concerns of small entrepreneurs and promote industry growth.
