Traders oppose e-invoicing, demand rollback of decision

Times News Netwok
Ludhiana: The Federation of Industrial and Commercial Organization (Fico) has expressed its opposition to centre’s decision to impose e-invoicing for businesses with a turnover of Rs 5 crore. The association conducted a meeting on the issue and sent a memorandum to the ministry of finance, demanding rollback of the move which will come into effect from August 1.
Fico president Gurmeet Singh Kular said, “As per the latest directive of the central government, e-invoicing has been made compulsory for businesses with a turnover of Rs 5 crore. It will come into effect from August 1. This move will hamper the working of small-scale manufacturers and traders as they lack the necessary technological expertise and financial resources to comply with the formalities imposed under the new regulations. Thousands of small firms here will be affected by this move. The government must reconsider its decision at the earliest.”
Fico organising secretary Ashpreet Singh said implementation of e-invoicing will burden small-scale enterprises with additional costs and reduce their profit margins. He added most small businesses are neither technologically-equipped nor can afford to pay high fees to tax consultants to comply with digitalised formalities.
He said, “We urge the government to reverse this decision to provide relief to the small-scale industry.”
Fico propaganda secretary Satnam Singh Makkar, “The authorities have already imposed stringent regulations on micro and small-scale enterprises which they are struggling to cope with.”
Fico general secretary Rajeev Jain said by reconsidering the decision and providing necessary support to small-scale enterprises, the central government and the central board of indirect taxes can help alleviate the challenges faced by them.