Traders Demand Easier GST, Special Income Tax Slab in Interim Budget
The Confederation of All India Traders (CAIT) has appealed for significant reforms to ease business operations, including a simplified GST system, in the upcoming interim budget.
JAMSHEDPUR – As the interim budget presentation on February 1 approaches, the Confederation of All India Traders (CAIT) has put forth a strong plea to Union Finance Minister Smt. Nirmala Sitharaman.
CAIT is advocating for the government to focus on the country’s business community, emphasizing the need for a more streamlined Goods and Services Tax (GST) system.
The organization suggests a complete review of the current GST laws to make them more accessible and understandable for the average businessman.
CAIT’s proposal includes establishing a GST Coordination Committee at every district level, comprised of officers and businessmen, to address issues locally and enhance the tax scope of GST.
Suresh Sonthalia, CAIT National Secretary, has proposed creating a special income tax slab for business entities, akin to those for companies, and an overhaul of outdated business laws.
In line with Prime Minister Narendra Modi’s vision of ‘one country – one law,’ Sonthalia advocates for a unified license system for traders to simplify business operations.
The urgency to announce the e-commerce policy and the implementation of the National Retail Trade Policy is also a key demand by CAIT.
Sonthalia urges the government to facilitate easier bank loans for traders at lower interest rates and calls for a revamp of the existing pension scheme for traders.
CAIT proposes the establishment of specialized trade zones in every state capital, which would include a single window for all government processes.
The organization also suggests forming a special task force for sectors like textiles, toys, mobiles, and others to boost India’s exports.
Addressing the issue of check bounces, CAIT recommends setting up a Tax Recovery Tribunal or Lok Adalat at each district for swift resolution of such cases within 45 days.
Traders should receive the same benefits as MSMEs, asserts CAIT, along with a policy for market infrastructure development.
CAIT also calls for an efficient banking system to enhance bank profits and widespread reach.
The promotion of digital payments is another key area, with CAIT suggesting the government subsidize bank charges on credit and debit card transactions to alleviate the burden on merchants and consumers.
