GG News Bureau
New Delhi, 31st Jan. The Confederation of All India Traders (CAIT), the leading business association in the country, is eagerly anticipating the presentation of the interim budget on February 1. CAIT hopes that the interim budget will include strong growth plans for the retail trade and small-scale companies, as well as other economic sectors. In a statement released on Tuesday, Praveen Khandelwal, the National General Secretary of CAIT, mentioned that this time, the interim budget is expected to focus on development. According to Khandelwal, traders are looking for incentives and tax reforms to boost retail trade. Businessmen are optimistic that these measures will be implemented in the interim budget, which will stimulate consumer spending and create a favorable environment for business expansion.
Khandelwal said that infrastructure of the country is the main area of development. Because of this, it directly affects the logistics and supply chain. The CAIT General Secretary said that the business community is therefore expected to allocate more funds to infrastructure projects, which can boost the overall trade potential of the country by mobilizing transportation and reducing costs.
Interim Budget: Here’s what traders are seekinghttps://t.co/EIbDBeVCi7 @praveendel @BCBHARTIA @sumitagarwal_IN @narendramodi @PMOIndia @AmitShah @PiyushGoyal @nsitharaman @JPNadda @smritiirani @DPIITGoI @GST_Council
— Confederation of All India Traders (CAIT) (@CAITIndia) January 25, 2024
CAIT General Secretary said that keeping in mind the global economic scenario, traders have expressed hope from the government for such policies which will strengthen Bharat in international trade. He said trade-friendly policy, diplomatic efforts to resolve trade problems and strategic aspects to quickly tap emerging markets are also likely to be discussed in the budget.
Khandelwal said that businessmen are also waiting for clarity on e-commerce rules and digital business policies. He said that with the increasing importance of online platforms today, the business community wants a regulation framework to maintain growth opportunities with balanced competition, which should be announced in the interim budget.
He said that the role of technology in business cannot be minimized. In such a situation, the business community advocates measures that promote digital infrastructure, e-governance and digital literacy. Khandelwal said integrating technology can streamline business processes, reduce paperwork and enhance the general ease of doing business. The CAIT General Secretary said that overall the business community is hopeful that the interim budget will reflect the holistic approach, focusing on growth, international competition and enhancing the business ecosystem by leveraging technology beyond direct concerns.
Additionally, CAIT promotes that the government concentrate on the nation’s business community, highlighting the necessity of a more simplified Goods and Services Tax (GST) framework.
The group recommends that the current GST legislation be thoroughly reviewed in order to make them easier for the typical businessman to access and comprehend. In order to handle problems locally and broaden the revenue base of GST, CAIT proposes creating a GST Coordination Committee at each district level, composed of officers and businesspeople.
The CAIT National Secretary, Suresh Sonthalia, has suggested updating out-of-date business legislation and establishing a unique income tax slab for business entities that is comparable to those for corporations. As part of the “one country, one law” goal that Prime Minister Narendra Modi has articulated, Sonthalia supports a single license system for dealers in order to streamline company procedures.
Another important requirement made by CAIT is the expediency with which the National Retail Trade Policy and the e-commerce policy should be announced. Sonthalia demands that the government restructure the current trader pension plan and make bank loans to traders easier to get and at a cheaper interest rate.
In each state capital, CAIT suggests creating specialized trade zones that would have a single point of contact for all government functions. In order to increase Bharat’s exports, the group also recommends creating a dedicated task force for industries including toys, textiles, mobile phones, and others.
In order to address the problem of check bounces, CAIT suggests creating a Tax Recovery Tribunal or Lok Adalat in each district to handle cases quickly—within 45 days.
According to CAIT, traders ought to benefit from the same policies as MSMEs and be included in the development of market infrastructure. Additionally, in order to increase bank profitability and reach, CAIT advocates for an effective banking system.
Another important area is the promotion of digital payments; in order to lessen the burden on consumers and businesses, CAIT recommends that the government reimburse bank fees associated with credit and debit card transactions.
