Recently, the Confederation of All-India Traders (CAIT) has sought postponement of the implementation of the new provision in the Income Tax Act under which the companies need to make payments to the MSME sector within 45 days to ensure timely payments and an interrupted cash flow. If the companies fail to do so, the amount will be added to their profits on which income tax will have to be paid.
According to CAIT, there is a need for greater awareness among traders about this beneficial provision and proposed a one-year postponement of this implementation. This delay would allow traders ample time to understand and comply with the law smoothly.
Confederation of All-India Traders (CAIT): The Confederation of All-India Traders (CAIT) is the apex body representing the trading community in India. Established in 1990, its primary objective is to advocate for and safeguard the interests of traders.
CAIT boasts a membership of over 8 crore individuals and is affiliated with more than 40,000 trade associations across the country.
Key features of the Confederation of All India Traders (CAIT):
Advocacy and Representation: CAIT serves as the collective voice for traders and business owners across India. It actively advocates for their rights and interests at various levels, including policy formulation, legal matters, and trade-related issues.
Membership Strength: With a staggering membership base of over 8 crore individuals, CAIT is a formidable force in the Indian trading community. It brings together traders from diverse sectors, fostering unity and solidarity.
Affiliation with Trade Associations: CAIT is affiliated with more than 40,000 trade associations across the country. These associations represent specific industries, regions, or specialized interests, allowing CAIT to address a wide range of concerns.
Policy Influence: The organization actively engages with policymakers, government bodies, and regulatory authorities. It strives to shape policies that promote a conducive environment for trade and commerce.
Digital Transformation: CAIT recognizes the importance of technology and promotes digital adoption among traders. It encourages e-commerce, digital payments, and modern business practices.
Championing Small Businesses: CAIT focuses on supporting small and medium-sized enterprises (SMEs). It works to alleviate challenges faced by these businesses, such as access to credit, infrastructure, and market opportunities.
Trade Promotion and Events: CAIT organizes trade fairs, exhibitions, and events to facilitate networking, knowledge sharing, and business growth. These platforms provide opportunities for traders to showcase their products and services.
Consumer Awareness: CAIT actively promotes consumer rights and ethical business practices. It emphasizes fair trade, quality products, and transparency.
Legal Assistance: The organization provides legal aid and guidance to traders when they encounter legal disputes or challenges. CAIT stands by its members during legal proceedings.
Social Responsibility: CAIT engages in social initiatives, including community development, education, and healthcare. It believes in giving back to society.
CAIT has been vocal about various issues, including the delay in implementing a national e-commerce policy and consumer protection rules, which they claim have allowed foreign e-commerce players to harm domestic retail trade.
CAIT has also criticized e-pharmacy companies, including Amazon, Flipkart, and Reliance, for misusing the e-commerce landscape with predatory pricing. Additionally, CAIT has partnered with Mastercard to promote digital payments among traders.
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