• Notification Date: 29-01-2024
• Notification No: N/A

Interim Budget: Expectations of Traders’ Community from the Upcoming Budget

The Confederation of All India Traders (CAIT) has called upon Finance Minister Nirmala Sitharaman to address the concerns of the business community with the Union Budget just around the corner. 

The traders' body has stressed the importance of simplifying the Goods and Services Tax (GST) law to make it more trader-friendly. 

It also proposed the creation of GST coordination committees at the district level for efficient issue resolution and a stronger GST network benefiting both central and state governments. 

B.C. Bhartia, the National President of CAIT, and Praveen Khandelwal, the National Secretary General, have advocated for the introduction of a special income tax slab for businesses, aligning it with the existing structure for companies. 

They have urged a comprehensive review of all laws impacting businesses, emphasising the elimination of outdated and irrelevant regulations. 

Aligning with the Prime Minister's "One Nation, One Tax" vision, they have suggested streamlining the licencing system with the introduction of a single licence for businesses. 

Additionally, CAIT has called, for the immediate announcement of an e-commerce policy and the implementation of the National Retail Trade Policy. 

The traders' body has recommended easier access to low-interest loans, a revision of the pension scheme for traders, and the establishment of special trade zones for wholesale business in state capitals. 

CAIT has proposed the creation of task forces for various sectors, including textiles, toys, mobiles, electronics, auto parts, hardware, jewellery, and readymade garments, with the aim of boosting exports. 

Addressing the issue of bounced checks, CAIT has proposed the establishment of recovery tribunals or Lok Adalat at the district level for swift resolution within 45 days. 

They have emphasised ensuring that benefits from the Micro, Small, and Medium Enterprises (MSME) scheme reach businesses and the formulation of a policy for infrastructure development in markets. 

CAIT has also underscored the need to strengthen the banking system for businesses, suggesting subsidising bank charges on credit and debit cards for digital payments, along with the formation of a Digital Payment Promotion Board. 

Praveen Khandelwal highlighted the urgency for the central government to announce an Amnesty Scheme in the budget to protect Delhi from sealing. 

He also proposed the creation of a business board at the lieutenant governor's level, focused on representing traders and formulating policies to generate new business opportunities in Delhi.