NEW DELHI: Terming GST one of the “most complicated” taxation system, traders’ body Confederation of All India Traders (CAIT) has urged Finance Minister Nirmala Sitharaman to announce review of 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 effective pension scheme for traders, insurance scheme for traders as per scheme applicable in state of Uttar Pradesh. The traders’ body also sought separate credit rating norms for small businesses, easy access of finance to traders by the Banks and other financial institutions, formation of Fast Track Courts for disputes including payments in businesses and dishonouring 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 organising Trade Fairs and Exhibitions of Indian products within the country and over the globe to give boost to both internal and foreign trade. The CAIT has also asked the FM to declare incentives for adoption & acceptance of digital payments among the trading community.
CAIT has demanded rolling out of e-commerce rules, policy, formation of an E-Commerce Regulatory Authority, 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 taxation systems. “As such a total review of the system is needed to make it a simple taxation system which can be easily complied with, by the traders, and earn the government substantial revenue.
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