Budget 2024: Trader’s Body CAIT expects simplification in GST law

The Confederation of All India Traders (CAIT) has urged Finance Minister Nirmala Sitharaman to address the concerns of the business community, with the Union Budget just around the horizon.

The traders’ organisation has emphasised the significance of streamlining the Goods and Services Tax (GST) law to make it more trader-friendly.

It also advocated the formation of GST coordination committees at the district level to facilitate issue resolution and build a stronger GST network that benefits both the central and state governments.

B.C. Bhartia, CAIT’s National President, and Praveen Khandelwal, the National Secretary General, have campaigned for the creation of a separate income tax slab for enterprises that aligns with the current corporate structure.

They have called for a full review of all business-related laws, with a focus on eliminating old and irrelevant restrictions.

In line with the Prime Minister’s “One Nation, One Tax” goal, they have proposed streamlining the licencing system by introducing a single licence for firms.

CAIT has also urged for the quick release of an e-commerce policy and the implementation of the National Retail Trade Policy.

The traders’ organisation has proposed expanding access to low-interest loans, revising the trader pension programme, and establishing special trade zones in state capitals for wholesale operations.

CAIT has advocated the formation of task teams in a variety of industries, including textiles, toys, mobile phones, electronics, auto parts, hardware, jewellery, and readymade clothes, with the goal of increasing exports.

In order to address the issue of bounced checks, CAIT has proposed the establishment of recovery tribunals or Lok Adalat at the district level, which would allow for a speedy decision within 45 days.

They have underlined the need to ensure that benefits from the Micro, Small, and Medium Enterprises (MSME) initiative reach enterprises, as well as the establishment of a market infrastructure strategy.

CAIT has also emphasised the importance of strengthening the banking system for businesses, proposing that bank rates on credit and debit cards be subsidised for digital payments, as well as the establishment of a Digital Payment Promotion Board.

Praveen Khandelwal emphasised the need for the central government to introduce an amnesty scheme in the budget to safeguard Delhi from sealing.

He also advocated the establishment of a business board at the lieutenant governor’s level, which would represent traders and develop policies to create new business prospects in Delhi.