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| « Tax dept takes note of ‘low’ incomewallahs in Jamshedpur... | Amendment to SEZ Act on the cards... » |
I-T deptt questions credit system of footwear industry |
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| September, 18th 2006 |
| The Rs 2,000-crore footwear industry of Agra has for long operated on a tried and tested traditional system of credit, working on credit notes or parchi.
The system provides credit for six months or more to the trader, who buys a consignment of shoes from the manufacturer.
This system was there ever since the shoe market came into being in the city. But this system is now creating problems for the income tax department, which is finding it hard to track each consignment, in the absence of written records.
To work out a solution, local I-T officials held a meeting with the Agra Shoe Factors Federation, the Leather Merchant Association and the Rubber Sole Sellers Consortium last week, where the shoe traders refused to end this traditional credit system.
They said the system could not be changed drastically because a change would affect the shoe trade. They agreed to restrict the time limit on the credit notes to four months instead of the previous duration of six months and above.
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