New Delhi, July 5 : Union Budget is a 'revolutionary' document listing much needed priority to business community and Small and Medium Enterprises sector, Confederation of All India Traders (CAIT) said here on Friday.
"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 CAIT which represents seven 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, in their post-budget comments, stated that the Government has taken very vital steps to streamline the 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 of Non Banking Finance Companies are dew of the important announcements of the budget which will prove to be a game changer for national economy," they said.
"Large infrastructure development is another vital area which is highly needed for the systematic development of the country," it was stated. Pension to 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. Holding an Annual Global Investor Meet 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 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.
Both the trade body leaders said that allowing Aadhar to file Income tax returns will widen the tax base.
"Increasing the threshold limit from Rs 250 crore to Rs 400 cr for Corporate Tax is a major step of the Government which will certainly be advantageous to corporate sector in conducting their activities."
"The announcement of Faceless assessment will eliminate corruption and shall lead to greater transparency in taxation system."
Abolishing bank charges on card payments for businesses having more than Rs. 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.
"CAIT stands in solidarity with the government at the Centre for its efforts in streamlining the trade and commerce in the country, widening the tax base and yielding more revenue to the government," they added. UNI