Budget 2024: Businessmen should get convenience, GST should be easy, businessmen demanded from Finance Minister - Newztezz Online

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Thursday, January 25, 2024

Budget 2024: Businessmen should get convenience, GST should be easy, businessmen demanded from Finance Minister

Budget 2024: Only a few days are left for the presentation of the interim budget. In such a situation, different sectors are placing their demands before the Finance Minister. Now CAT, the country's business organization, has requested the Finance Minister to further simplify the GST process so that it becomes easier for businessmen to do business.

Finance Minister Nirmala Sitharaman is going to present the interim on 1 February. Their demands are being conveyed to the Finance Minister from different sectors. Now the Confederation of All India Traders (CAIT), an organization of the country's businessmen, has urged Union Finance Minister Smt. Nirmala Sitharaman to give special attention to the business class of the country in the budget and to make GST a simplified system, new GST law should be amended. A thorough review should be done.

GST coordination committee should be formed

Businessmen say that the law should be made in such a way that even the common businessman of the country can easily follow the law. At present, the GST tax system is suffering from complexities, which is very important to be rectified, which will increase the tax scope of GST and will also increase the revenue of the central and state governments. CAT has suggested that a GST Coordination Committee of officers and businessmen should be formed at every district level so that the problems can be solved at the district level itself and the tax scope of GST can be increased with mutual coordination at the district level itself.

Special slab of income tax should be created

Confederation of All India Traders National President BC Bhartia and National General Secretary Praveen Khandelwal said that a special slab of income tax should be created for traders like companies, while all the laws on trade should be reviewed and the laws which have become obsolete. And those who are irrelevant should be eliminated. The vision of one country - one law has been declared by Prime Minister Narendra Modi, in which a license for traders should also be added. Many types of licenses are required to do business, instead of them only one license system should be declared.

Work should be done on e-commerce policy

CAT also requested that the e-commerce policy and rules should be announced without any further delay, while the National Retail Trade Policy should also be implemented immediately, which is almost ready. He said that a scheme should be announced to provide easy loans from banks to traders at low interest rates, while the current scheme of giving pension to traders should be revised and re-implemented. He also said that there should be an announcement to create a special trade zone for wholesale business in every state capital where the government should set up a window so that all types of government processes can be completed through a single window. CAT has also demanded that a special task force should be formed for various trades like textiles, toys, mobiles, electronics and electrical, auto parts, hardware, jewellery, readymade garments etc. which will help traders export these goods from India as much as possible. Make a concrete plan together with organizations so that India's exports can increase rapidly.

Check bounce case should be resolved quickly

Check bounce is a big problem for businessmen, therefore, for speedy disposal of check bounce cases, a Recovery Tribunal or Lok Adalat should be constituted at every district level in which such cases should be settled within 45 days. CAT has also demanded that all the benefits given to MSMEs should be announced to the traders and a policy should also be made for infrastructure development in the markets. The banking system should be made more efficient for businessmen so that the benefits of banks reach everyone far and wide. CAT has also requested that to promote digital payments, the government should directly subsidize the bank charges on credit debit cards to the banks so that the merchants and consumers do not have the responsibility of paying any bank charges, while a Digital Payment Promotion Board should be formed. should also be formed.

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