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Textile traders demand revision of 2010 finance bill
18 Jun '10
2 min read
With respect to relief in the financial bill, the Federation of Surat Textile Trader's Association (FOSTTA) has given a series of demands to the Union Finance Minister, Pranab Mukherjee.
A memorandum has been submitted to Mukherjee by FOSTTA, during his visit to Surat to attend the 69th AGM and also inaugurate the Southern Gujarat Chamber of Commerce and Industry (SGCCI).
As per traders, terms amended in the finance bill 2010, are creating problems, especially to the small-time traders, who are in the textile trade and also others in general.
Although, a surge in the turnover limit to Rs 6 million from Rs 4 million is welcomed by the traders, they are unhappy with the compulsory audit, if the net profit (NP) ratio is lower than 8 percent.
Amongst other demands include, TDS filing, which the traders have asked to revise it to annual basis. More so, TDS deduction, traders feel, must also be raised to Rs 1 million from Rs 75,000.
In addition, casual inspection of small-time trader,s who do sales of less than Rs 4 million annually, must come to an end and the benefits received to textile sectors from varied governmental schemes for further growth of textiles and textile-related operations should be extended to traders as well.
A request has also been made to Mukherjee pertaining to speedy work for the establishment of Surat airport, so as to enable traders benefit from local and global air connectivity, informed, Devkishan Manghani, President of FOSTTA.
A memorandum has been submitted to Mukherjee by FOSTTA, during his visit to Surat to attend the 69th AGM and also inaugurate the Southern Gujarat Chamber of Commerce and Industry (SGCCI).
As per traders, terms amended in the finance bill 2010, are creating problems, especially to the small-time traders, who are in the textile trade and also others in general.
Although, a surge in the turnover limit to Rs 6 million from Rs 4 million is welcomed by the traders, they are unhappy with the compulsory audit, if the net profit (NP) ratio is lower than 8 percent.
Amongst other demands include, TDS filing, which the traders have asked to revise it to annual basis. More so, TDS deduction, traders feel, must also be raised to Rs 1 million from Rs 75,000.
In addition, casual inspection of small-time trader,s who do sales of less than Rs 4 million annually, must come to an end and the benefits received to textile sectors from varied governmental schemes for further growth of textiles and textile-related operations should be extended to traders as well.
A request has also been made to Mukherjee pertaining to speedy work for the establishment of Surat airport, so as to enable traders benefit from local and global air connectivity, informed, Devkishan Manghani, President of FOSTTA.
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