The Union Budget presented by the Finance Minister today in the Parliament is a revolutionary document listing much needed priority to business community and SME sector. The announcements made in the budget if put to implementation in a strategic manner with a defined time frame will certainly lead India to a 5 trillion economy-said the Confederation of All India Traders (CAIT) which represents 7 crore traders in the Country. The budget will promote more exports which will gain more share in global market space and consolidate Country’s position at global level-added CAIT.
CAIT National President B.C.Bhartia and Secretary General Praveen Khandelwal while commenting on the budget said that the Government has taken very vital steps to streamline he trade and commerce in the Country. Providing support to domestic manufacturing and internal trade, affordable housing, promotion of digital payments, streamlining labor laws, establishment of Social Stock Exchange, Blue Print for different sectors, convergence of rural India in to modern system, linkage of Artisans to global market, strengthening the Non Banking Finance Companies are dew of the important announcements of the budget which will prove to be a game changer for national economy. The focus of the government on large infrastructure development across the Country is another vital area which is highly needed for the systematic development of the Country.
Mr. Bhartia and Mr. Khandelwal said that the budget is growth oriented and focus towards growth of economy. The payment mobility card and adoption of bank charges for use of debit and credit cards by bank and reserve bank of India will increase the adoption of the digital mode of payment. 2 percent interest for taken by GST dealer will reduce the cost of doing business and replacement of number of labour loss into for labour code will help in is of doing business. The payment platform of MSME will help in fast recovery of MSME dues. The availability of pension scheme to 3 crore to GST dealer will be milestone for senior citizen. The pumping of 70 thousand crore into banking system and relaxation of norms for non banking financial company will help in increasing the liquidity in the market. This will increase the volume of business. The Govt has proposed to bring in the new series of coins into the market. The trading community is as it is suffering from accumulation of coins because of reactance on parts of banks. The Govt should make a policy for acceptance of same. The Corporate Tax has been reduce to 25%. The same should be extended to individual to partnership firm, The relaxation in angel tax for start-up is a welcome provision. The incentive given to housing sector will boost the business of building material.
Both Mr. Bhartia & Mr. Khandelwal said that pension o traders on attaining the age of 60 years with Aadhar card is a proactive step which was a long pending demand of CAIT. The announcement of creation of a Payment platform for immediate payments for the supplies made to the Government Departments will encourage more capital flow in the market. Non Banking Finance Companies (NBFC) are the actual lenders of finance to trade and small sector and announcing support policies for them will also increase flow of money in the market. Holding an Annual Global Investor Meet every year will pave the way for Indian merchants to enter global market and provide more and better business opportunities. The announcement of a Modern Tenancy Law will boost business across the Country as large number of traders are tenants and facing great hardship in conducting business. It will provide much desired relief to trading community. Upgradation of rural India will open a good market for the traders.
Mr. Bhartia & Mr. Khandelwal said that allowing Aadhar to file Income tax returns will widen the tax base. Increasing the threshold limit from 250 cr to 400 crores for Corporate Tax of 25% is a major step of the Government which will certainly be advantageous to corporate sector in conducting their activities. The announcement for faceless assessment will eliminate corruption and shall lead to greater transparency in taxation system. Abolishing bank charges on card payments for the businesses having more than 50 crore turnover will boost adoption and acceptance of digital payments in the Country. Announcement for filing quarterly return under GST for the traders having a turnover of upto Rs.5 crore will make the traders hassle free and will encourage timely compliance of GST tax system.
They said that CAIT stands in solidarity with Government for its efforts in streamlining the trade and commerce in the Country, widening the tax base and yielding more revenue to the Government.