The traders of the country left no stone unturned to maintain the supply of essential commodities across the country during the corona lock-down, but despite that, traders were disappointed in the absence of any allocation to traders in various economic packages. There is a lot of hope on the Union Budget to be held announced today. The Confederation of All India Traders (CAIT) said that after COVID lockdown, the government may announce a levy of some taxes to increase revenue sources but it will be interesting to see what kind of taxes will be levied and their effect on trade & commerce of the Country. Announcement of a National Trade Policy for Retail Trade, E-commerce Policy with a Regulatory Authority and Voluntary Disclosure Scheme (VDS) with an assurance that no one will be questioned, to bring alleged hidden trade into the mainstream of trade & commerce may also figure in the Union Budget-said the CAIT.
CAIT National President BC Bhartia and Secretary General Praveen Khandelwal said in a joint statement that traders of the Country are hoping that domestic trade will be a priority sector in the Union Budget and since the traders are struggling with financial crisis and have not been included in any economic package announced during lockdown, the budget will carry a special focus on availability of finance to traders by banks and financial institutions on easy terms and at a concessional rate of interest. The traders will be included in the 25% income tax slab at par with the corporate sector. In order to achieve success of vocal for local and Atmnirbhar Bharat campaign of the Prime Minister, a comprehensive scheme may be announced to encourage the traders, artisans, handicrafts and people working in the ancient art vertical of the country to join this campaign in the budget. Special emphasis may be laid on promoting more and more women to become entrepreneurs and self employed.
Bhartia and Khandelwal have also hoped that the policy of simplification of the GST tax system which has become very complex should also be announced in the budget, on the other hand, the formation of a task force to review all kinds of laws on traders may also be a part of the budget. Replacement of about 28 types of licenses applicable on trade with one license on the pattern of Aadhar may also be included in the policy announcement of the budget whereas on the other hand a comprehensive scheme may also be announced for facilitating ease of doing business. In place of about 28 types of licenses on domestic trade in the country, the announcement of the implementation of only one license like Aadhaar should be made in the budget. They also said that the announcement of a special fund for the welfare of the Indian forces and police force of all States may be announced and the citizens be prompted to make donations to this fund and such donations will attract the benefit of Income tax.
Bhartia and Khandelwal said that the government has connected all the departments to the e-system, therefore it is essential that for easy and timely compliance of tax and other laws, a scheme may also be announced to offer government support in purchasing computers and allied equipment. They also said that to ensure maximum usage of digital payments, the bank charges levied on such payments must be removed on either the traders or consumers and the Government may compensate such charges to the banks directly .A policy announcement may also be a part of the budget to boost exports and as such traders, artisans, handicraft and handloom workers may be encouraged to join exports activities with a support policy of the Government. To ensure robust growth of domestic and international business, special trade fairs to be organised by the Government, can also be a part of the budget.
There are about 8.5 crore traders across Country who are generating an annual business of about 80 lakh crores of rupees and providing employment to nearly 40 crore people in the Country.
