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Date: 24/04/2024

Exporters urge govt to extend amnesty scheme till Sept.

The government should continue the amnesty scheme for one-time settlement of default in export obligation till September 2024 for small exporters, Ludhiana-based Hand Tools Association President Mr S. C. Ralhan, has urged. Several small exporters have not been able to avail of the benefits of the scheme due to fulfilling of their obligations to make payments to MSMEs within 45 days. According to Section 43B (h) of the Income Tax Act, introduced through the Finance Act 2023, if a larger company does not pay an MSME on time -- within 45 days in case of written agreements -- it cannot deduct that expense from its taxable income, leading to potentially higher taxes. Another exporter said the extension of the scheme till September will help them apply and avail the benefit. Meanwhile, the Commerce Ministry is compiling data about availing of the benefits of the scheme, as per a report.
 
source: Exim News Service; New Delhi, April 23



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