Textile Traders In Surat Face Payment Crunch Due To New Income Tax Rules

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Textile Traders In Surat Face Payment Crunch Due To New Income Tax Rules

| Updated: February 4, 2024 19:19

The textile production in south Gujarat has been affected by the new payment time limit under the amended Income Tax Act. The new rules, which came into effect from FY 2023-24, require the buyers to pay the MSMEs within 45 days of purchase. Otherwise, the unpaid amount will be counted as the buyer’s profit. This has led to textile traders in Surat putting their orders for cloth on hold, as they usually give credit up to 180 days to their customers from across the country. However, the weaving units are in favour of the new norms, as they will ensure faster payments and better financial conditions for the MSMEs.

Chetan Maniya, president of Rapier Jacquard Weavers Association of Surat, said that they are not getting new orders and the old orders are also stalled. Vijay Mangukiya, president of Anjani Industries Association, said that there is a significant drop in orders and many traders have stopped buying greige cloth. Some are also asking for lower prices. He added that they are coping with the situation with patience. Ashok Jirawala, president of Federation Of Gujarat Weaver Welfare Association (FOGWA), said that the new rule is important and beneficial for the textile industry in the long run, despite some temporary disturbance.

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