The Diplomat Desk
Jammu : TDD ,A delegation of Chamber of commerce & Industry led by its President Arun Gupta accompanied by Anil Gupta, Sr. Vice President and Rajesh Gupta, Secretary met the Union Finance Minister Nirmala Sitharaman and Piyush Goyal, Minister of Commerce & Industry in presence of Dr. Jitendra Singh MOS in Prime Minister’s Office. During interaction Arun Gupta apprised the Finance Minister about the problems being faced by the Business Community due to amendment in Income Tax Act u/s 43B(h), making it mandatory to make the payment of purchase bills within 15-45 days. In case the payment of purchase bills is not paid within the prescribed time period, the buyers shall have to pay the interest three times of the bank rates as notified by RBI and compounded at monthly intervals. He said that earlier, the people were not entering into a written agreement and make payment of purchase bills as per their convenience or as agreed upon mutually.
This amendment is not applicable to the medium/large enterprises. Thus traders shall prefer to deal with them which will badly effect the business of Micro & Small enterprises.
Arun Gupta also apprised her that during Sales Tax regime as well as VAT regime the Dhabas, Halwaies, Tea Stalls and Bakeries were liable to pay a lump sum sales tax @ Rs. 3000/- p.a during Sales Tax regime and Rs. 12000/- p.a during VAT regime. But after the introduction of GST these traders are paying 5% GST of their total sales even without getting any input credit. These traders are controlled and supervised by the Directorate of food civil supplies and consumer affairs. He requested to reexamine the whole issue and consider charging of GST at 1% of their sales or charging of a lump sum amount from these traders as was being charged before implementation of GST.
Further the issue relating incentives to the Industry and the matter relating to allotment of land was also discussed While speaking on the occasion Arun Gupta pointed out that the package of incentives announced by the Prime Minister of India was mainly for the local youth, startup and for those who were derailed from the main stream. At present no doubt the investment has increased many fold but the local youth are not involved nor given any preference in the Industrial package. Arun Gupta requested the Minister that the announced package should be enhanced from Rs. 28400 crore to Rs. 75000 Crore and the Industries and Commerce Department in J&K should be directed to keep at least 20% capping for local entrepreneurs while allotting the Industrial Land and disbursing the Industrial Incentives.
The Union finance Minister Nirmala Sitharaman assured that the issues raised in the meeting shall receive the preferred attention and she will also take up the issue of payment with the MSME department to resolve the issue. Piyush Goyal also assured that locals shall be given preference in the new Industrial Package.TDD
