MADURAI: Tamil Nadu Textile Merchants Association limited, Madurai has sought the government to repeal Section-43B(h) of I-T Act, as it would have a detrimental effect on the business economy and affect all manufacturers, wholesalers, semi-wholesalers and retailers too.
All businessmen, traders, manufacturers have their rights to do their business without any infringement and according to their terms and conditions, as per their product range, market conditions, climatic seasons, wedding and school uniforms season, demand and supply and during festivals.
“They have different modes and types of payment terms and conditions, which are universal,” Ashraf Yusuf, secretary of the Association, said on Wednesday.
Under Section-43B(h) of I-T Act, no wholesale trader could sell his excess stock or clearance stock even to his best retailers, as they would be forced to pay within 45 days as per the Act, which is not at all possible.
“This could trigger a cascading effect as the manufacturers sales and production would slow down and finally result in job loss,” Yusuf said.