CAIT calls for special income tax slab for traders
Urging the government for keeping the trading community on the priority list, the Confederation of All India Traders (CAIT) said on Thursday that the upcoming Union Budget should introduce a special income tax slab for the traders. In a statement, CAIT Secretary General Praveen Khandelwal said that the government should also review the Goods and Services Tax (GST) along with simplifying and rationalising the GST tax structure.
He also sought the waiver of bank charges on digital payments for faster acceptance and adoption of digital payments in the country. Khandelwal has also asked for policies to support digitalisation and computerisation of traders' businesses.
CAIT has been on the forefront of the protest against the discount policy on e-commerce sites and has time and again asked the government to look into the operations of the online platforms.
In its statement on Budget recommendations, the traders' body has said that the government should increase the customs duty on imports from China and other countries on non-technical items, along with the suggestion to review multiple laws for retail trade and withdrawal of redundant laws.
Khandelwal said in the statement that only one license should be made necessary in place of multiple licenses required for operating business activities.
The Budget on February 1 comes at a crucial time, as India's retail trade is going through an unprecedented slowdown on the back of weak demand. The subdued retail segment due to liquidity crisis has played a major role in the current lackluster economic scenario.
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