TN Industries and MSMEs urge new govt for growth reforms
ECONOMY & POLICY

TN Industries and MSMEs urge new govt for growth reforms

S Vasudevan, the General Secretary of TANSTIA, expressed anticipation for further reforms in the MSME policy to facilitate ease of doing business. He also urged not to compromise on the amendment to Section 43B of the Income Tax Act, proposing the addition of a new clause (h) to address delayed payments encountered by MSMEs, impeding the flow of working capital and overall business growth.

Additionally, it was suggested to mandate the use of the TReDS platform for all PSUs and large industries for payments to MSMEs. Under this proposal, buyers would bear the interest incurred beyond 45 days, facilitating uninterrupted transactions with MSMEs.

Regarding the implementation of the new Income Tax Act provision 43B(h), Mohan emphasised the need for discussion and modification, ensuring that the 45-day payment to SMEs remains unaffected, particularly exempting capital goods buyers from the Act.

Furthermore, the Tamil Nadu Small and Tiny Industries Association advocated for allowing MSMEs to file their GST returns monthly and remit GST payments quarterly. This adjustment is proposed to alleviate the financial strain caused by delayed payments from corporate and PSU buyers, enabling MSMEs to manage their finances more effectively.

S Vasudevan, the General Secretary of TANSTIA, expressed anticipation for further reforms in the MSME policy to facilitate ease of doing business. He also urged not to compromise on the amendment to Section 43B of the Income Tax Act, proposing the addition of a new clause (h) to address delayed payments encountered by MSMEs, impeding the flow of working capital and overall business growth. Additionally, it was suggested to mandate the use of the TReDS platform for all PSUs and large industries for payments to MSMEs. Under this proposal, buyers would bear the interest incurred beyond 45 days, facilitating uninterrupted transactions with MSMEs. Regarding the implementation of the new Income Tax Act provision 43B(h), Mohan emphasised the need for discussion and modification, ensuring that the 45-day payment to SMEs remains unaffected, particularly exempting capital goods buyers from the Act. Furthermore, the Tamil Nadu Small and Tiny Industries Association advocated for allowing MSMEs to file their GST returns monthly and remit GST payments quarterly. This adjustment is proposed to alleviate the financial strain caused by delayed payments from corporate and PSU buyers, enabling MSMEs to manage their finances more effectively.

Next Story
Infrastructure Urban

KEI Industries Faces Rs 80 Mn Daily Loss Amid Wage Dispute

KEI Industries Limited, one of India's prominent manufacturers of wires and cables, is encountering significant financial challenges, with reported losses amounting to Rs 8 crore per day. The company's operations have been severely impacted by a wage dispute, exacerbating its financial woes amidst broader economic pressures. The wage row has led to disruptions in KEI Industries' production and operational efficiency, affecting its ability to meet market demands and maintain profitability. This situation underscores the critical nature of resolving labour disputes swiftly to mitigate adverse i..

Next Story
Infrastructure Urban

Hyderabad Aims for World-Class Status

Telangana Chief Minister K Chandrasekhar Rao emphasized the state government's commitment to developing Hyderabad into one of the world's best cities. During a recent event, Rao highlighted several key initiatives aimed at enhancing the city's infrastructure, urban planning, and overall quality of life. He noted that the government's comprehensive approach includes substantial investments in various sectors to ensure sustainable growth and development. Rao detailed plans for significant improvements in transportation, including the expansion of metro rail services, upgrading road networks, an..

Next Story
Infrastructure Urban

Ferrari's First Electric Car Debuts

Ferrari is set to launch its first fully electric vehicle (EV), with a price tag exceeding $500,000, as reported by industry sources. This move marks Ferrari's entry into the electric vehicle market, aligning with the global shift towards sustainable mobility and reducing carbon emissions. Ferrari, electric vehicle, $500,000, sustainable mobility, carbon emissions. The new electric Ferrari, expected to debut in 2025, promises to uphold the brand's legacy of high performance and luxury. The vehicle will feature advanced technology, ensuring it delivers the iconic Ferrari driving experience desp..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000

Join us Telegram