FICO opposed e-invoicing for turnover 5 Cr
Federation of Industrial & Commercial Organization (FICO) opposed the implementation of E-Invoicing for Turnover 5 Crores effective from August 1, 2023 and requested the Government of India to roll back the decision.
City Air News
May 19, 2023 06:17
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Ludhiana, May 19, 2023: Federation of Industrial & Commercial Organization (FICO) opposed the implementation of E-Invoicing for Turnover 5 Crores effective from August 1, 2023 and requested the Government of India to roll back the decision.
Gurmeet Singh Kular President FICO and Ashpreet Singh Sahni Organizing Secretary FICO said that Small Scale Manufacturers & Traders are neither tech-savvy nor they can afford to pay higher fees to the Tax Consultants to comply with the digitalized formalities under the act. The implementation of E-Invoicing for Small Scale Enterprises will have an adverse effect on them by putting an additional burden on them and reducing their margin of profit, It is requested that the Central Board of Indirect Taxes should reverse the decision with immediate effect.
Satnam Singh Makkar Propaganda Secretary FICO and Harpal Singh Bhamber Head Bicycle Division FICO said that Already the Micro & Small Scale Enterprises are struggling a lot to cope-up with too frequent changes being introduced in GST Act and Rules which have become so stringent that even a small technical error attracts huge penalties and interest. It is requested that the Central Board of Indirect Taxes should reverse the decision and continue its support to the MSME Sector for ease of doing business.
