Terming GST one of the “most complicated” taxation systems, the Traders’ body Confederation of All India Traders (CAIT) has urged Finance Minister Nirmala Sitharaman to announce review of the GST taxation system and all Acts and Rules concerning retail trade and One Nation-One Licence Policy for domestic trade.
In its pre-Budget wishlist, it has also urged for an effective pension scheme for traders, and an insurance scheme for traders as per the scheme applicable in the state of Uttar Pradesh.
The traders’ body also sought separate credit rating norms for small businesses, easy access to finance to traders by the Banks and other financial institutions, formation of Fast Track Courts for disputes including payments in businesses and dishonoring of cheques under section 138 of the Income Tax Act and creation of Special Trade Zones in the country.
It has also sought a policy for organizing Trade Fairs and Exhibitions of Indian products within the country and over the globe to give a boost to both internal and foreign trade. The CAIT has also asked the FM to declare incentives for the adoption & acceptance of digital payments among the trading community.
The CAIT has also demanded the rolling out of e-commerce rules, e-commerce policy, formation of an E-Commerce Regulatory Authority, a National Trade Policy for Retail Trade, and a separate Ministry for Internal Trade both at the Centre and States.
CAIT National President B.C.Bhartia and Secretary General Praveen Khandelwal while releasing the “Budget Wish List” said that the GST has emerged as one of the most complicated tax systems and as such a total review of the system is needed to make it a simple taxation system that can be compiled by the traders and easily and must augment substantial revenue to the Government.
The retail trade of the Country is fraught with a large number of Acts & Rules and many of them are a few decades old and have lost their significance in the present scenario therefore there is an emergent need for a review of all such Acts & Rules and the Acts & rules which have lost relevance must be abrogated.
Bhartia and Khandelwal further said that traders in India have to obtain hoards of licenses for conducting business activities and therefore on the pattern of One Nation- One Tax, there should be a One National- One License policy of the Government to bring much ease of doing business which has been greatly advocated by Prime Minister Narendra Modi.
Both the trade leaders also demanded that line special economic zone, the Government should set up Special Trade Zones on the outskirts of villages with one window facility for obtaining Government clearances. Such a step will not only boost the rural economy but will also provide enormous employment opportunities.
They also said that dishonoring of cheques has become too rampant and there is no sanctity of cheques also there are often payment disputes between traders which take a long time for resolution from courts. Therefore, in order to ensure speedy redressal of such disputes, the formation of Fast Track Courts is very necessary to meet the ends of justice.