Surat : South Gujarat Chamber of Commerce Addresses MSME Concerns in Insightful Panel Discussion

Surat - The South Gujarat Chamber of Commerce and Industry recently convened a significant panel discussion shedding light on the implications of Section 43B(h) of the Income Tax Act 1961, specifically in the context of transactions with Micro, Small, and Medium Enterprises (MSMEs). The panel, featuring esteemed chartered accountants from Surat city, including Rashesh Shah, Suresh Kabra, Pragnesh Jagasheth, Manish Bajrang, and Shailesh Lakhankia, aimed to elucidate the importance of this section to the business community in Surat.

In his welcome address, Chamber of Commerce President Ramesh Vaghasia emphasized the critical role played by MSMEs in the economies of developed nations worldwide and highlighted the need for their robust growth in India. He underscored that MSMEs contribute over 40% to India's exports and play a vital role in employment generation, warranting special attention and supportive policies from the government.

Vijay Mewawala, Vice President of the Chamber of Commerce, unveiled plans for an upcoming initiative named 'Income Tax Clinic,' scheduled to commence in February 2024. The program aims to provide guidance and solutions to the challenges faced by small entrepreneurs and businessmen throughout South Gujarat, including Surat.

The expert chartered accountants participating in the panel discussion elaborated on the nuances of Section 43B(h) and its application to MSMEs. They clarified that the new provision, effective from 1 April 2023, addresses the timely payment issues faced by suppliers registered under the MSMED Act 2006. The speakers advised businesses to adhere to the stipulated payment timelines and offered insights on the tax implications of delayed payments.

CA Shailesh Lakhankia outlined the eligibility criteria for registration under the MSMED Act 2006, emphasizing the need for maintaining separate accounts for MSMEs and non-MSMEs. CA Manish Bajrang highlighted the coverage of dues under the MSME Act and underscored the importance of timely payments to avoid adverse effects.

The panel discussion also provided valuable information about the MSME Samadhan Yojana, an initiative aimed at addressing delays in payment to micro and small category traders. Traders were informed that filing a claim under this scheme is possible for those registered under the MSMED Act 2006, with an appeal option available if 75% of the amount has been paid.

The event, attended by over 500 participants, including entrepreneurs, businessmen, and professionals from Surat, showcased the commitment of the Chamber of Commerce in fostering awareness and providing practical solutions to the challenges faced by the business community. The Income Tax Committee Chairman, CA Prajnesh Jagsheth, played a crucial role as the moderator, guiding traders and entrepreneurs through the intricacies of Section 43B(h) and related regulations.