Union Budget 2024-25: What traders want
Team L&M
The Confederation of All India Traders (CAIT), has urged Finance Minister Nirmala Sitharaman to pay special attention to the business community in the interim budget to be presented on 1st February. CAIT suggested a comprehensive review of the Goods and Services Tax (GST) law to simplify it, making compliance easier for common traders. It has proposed the establishment of GST coordination committees at the district level for streamlined problem-solving and increased GST network, leading to enhanced revenue for both central and state governments.
CAIT National President BC Bhartia, and National Secretary General Praveen Khandelwal, called for the creation of a special income tax slab for businesses similar to that for companies. They emphasised the need for a thorough review of all laws affecting businesses and the discontinuation of outdated and irrelevant laws. Supporting the Prime Minister’s vision of “One Nation, One Tax,” they proposed the introduction of a single license for businesses, simplifying the current complex licensing system.
Furthermore, CAIT urged the immediate announcement of e-commerce policy and the implementation of the National Retail Trade Policy. CAIT has recommended facilitating easy access to low-interest loans for businesses, revising the existing pension scheme for traders, and establishing special trade zones for wholesale business in every state capital. CAIT also called for the creation of a task force for various businesses like textiles, toys, mobiles, electronics, auto parts, hardware, jewelry, and readymade garments to boost exports.
Addressing the issue of bounced checks, CAIT proposed the swift resolution of such cases through the establishment of recovery tribunals or Lok Adalat at the district level, within 45 days. They also advocated ensuring that all benefits from the Micro, Small, and Medium Enterprises (MSME) scheme reach businesses and the formulation of a policy for infrastructure development in markets. CAIT emphasised strengthening the banking system for businesses and suggested subsidizing bank charges on credit and debit cards for digital payments. Additionally, they recommended the formation of a Digital Payment Promotion Board.
Khandelwal highlighted the need for the central government to announce an Amnesty Scheme in the budget to protect Delhi from sealing, along with the creation of a business board at the lieutenant governor’s level. This board would focus on representing traders and formulating policies to generate new business opportunities in Delhi.
