Excelsior Correspondent
JAMMU, Jan 5: Nations apex trade body Federation of All India Vyapar Mandal (FAIVM) has submitted its budget proposal to Union Finance Minister.
According to Sanjay Bansal, President – J&K (Federation of All India Vyapar Mandal), the budget proposal stressed that every stakeholder i.e., Industry, Service and Trade should be considered at par and all policy matters should address revival and survival of Trade and Retails in post pandemic era.
“The traders community of India is going through a miserable state after demonetization and complex GST. Online e commerce has further fuelled the question of survival of nation’s brick and mortal trade. Budget 2020-21 which is the first step towards path of $5 trillion economy should rationalize fiscal policies of the nation,” he said while listing proposals for the budget.
FAIVM has advocated an Income Tax on partnership and Limited liability Partnership to be taxed at 22 percent instead of 30 percent at present bring at par with Income Tax applicable to Corporates.
“In addition, the provision to deduct tax on the source should be applicable only to those traders whose annual turnover is more than Rs 10 crores; increasing online e-commerce is affecting the domestic traditional retail business, so it is very important to impose a special tax of 5 percent on the total business of online e-commerce, this will also increase the revenue of the Government and make the traditional retail of the country competitive; in order to rectify the error in the GST return happened earlier due to ignorance, the introduction of the amnesty scheme in the GST like Vivaad se Vishwas should be brought by Government to settle small litigation in GST; Government must give a chance to rectify these errors without any monetary penalty,” suggested the Federation in its proposals.
In its budget suggestion, the FAIVM also requested an interest subvention scheme on the loans of traders, relieving traders from the provisions of Minimum Wages Act, postponement of Provident Fund registration of traders for at least 2 years if the minimum number of employees is less than 20, putting manufacturing, service and retail together under one ministry and like MSME and service sector, retail businesses should also be given all benefits including issuance of Udyog Aadhaar.
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