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Indian textile industry faces order cancellations due to payment rule

20 Mar '24
3 min read
Pic: Adobe Stock
Pic: Adobe Stock

Insights

  • Indian textile industry is grappling with order cancellations for garments and fabric due to the new Section 43b(h) of the Income Tax Act.
  • This has led to substantial financial losses and operational challenges, with businesses across regions like Punjab and Varanasi facing downturns.
  • The industry is under pressure and MSMEs are operating below capacity.
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