New Delhi: Curious eyes of the traders across the country are now keenly awaiting the presentation of the Union Budget by the Union Finance Minister Smt. Nirmala Sitharaman on 1st February and in accordance with which the Confederation of All India Traders (CAIT) has advised the trade associations to make elaborate arrangements at public places in their respective cities for the screening of live budget presentations.This event will be held simultaneously at more than a thousand places across the country including Delhi, said the CAIT.
CAIT National Secretary General Praveen Khandelwal told CitySpidey that in Delhi, this event will be held at Khan Market in South Delhi in association with the Khan Market Traders Association where the Union Budget will be broadcast live by installing big LED screens. Prominent trade leaders from leading trade associations of Delhi shall be present at the event for watching the budget. Besides trade leaders, the CAIT has also invited distinguished journalists, retail experts, economists,Chartered Accountants, Tax Advocates and leaders of leading organisations of MSME, transport, farmers, women entrepreneurs, startups, consumers etc.
He informed that such people will be invited at every event that will be organised on 1st February, the budget day all over the Country. He further said that soon after the presentation of the Budget, the audience in attendance will review and discuss the budget provisions and will express their opinion.
CAIT National President B C Bhartia said that the business community has high hopes from this year's budget. While reduction in GST rates is expected in various items, the traders are also looking for a One Nation - One License policy on the pattern of one nation-one tax. He also said that the trading community has grossly advocated review all Acts & Rules governing retail trade as also substantial incentives for adoption and acceptance of digital payments in the business transactions.
Reduction in tax rate slabs of Income tax is one another area which the traders are hoping to get placed in the budget. The small businesses and the MSME sector also might get some favourable and supportive policies. He also said that there is a great hope of announcing a policy in the budget on how to promote employment through business in rural areas, he added.
Traders’ 18 points Budget Charter
1. A complete fresh review of the GST tax system,
2. Reduction in tax rate slabs of income tax
3. A thorough review of all laws and regulations applicable to retail trade.
4. One nation-one license policy on the lines of one nation-one tax,
5. Effective Pension Scheme for Traders
6. Insurance scheme for traders on the lines of the scheme already enforced in UP.
7. Seperate Credit Rating Norms for Small Businesses
8. Easy credit to traders by banks and other financial institutions
9. NBFCs and MFIs should be strengthened for advancing loans to small businesses.
10. Establishment of fast track court for payment and other disputes among traders and check bounce cases under section 138 of the Income Tax Act
11. Formation of special trade zone near villages on the lines of special economic zone
12. Organization of trade fairs and exhibitions of Indian products in the country and around the world to promote both internal and external trade
13. Declaration of various incentives for adoption & acceptance of digital payments among the business community.
14. Immediate enforcement of e-commerce rules under consumer protection act.
15. Immediate announcement of e-commerce policy
16. Formation of a regulatory authority for e-commerce
17. Announcement of a National Trade Policy for Retail Trade
18. Separate ministry for internal trade, both at the center and in the states