Budget 2024: Traders Federation makes big demand from Finance Minister, GST law should be simplified

Budget 2024: Traders Federation makes big demand from Finance Minister, GST law should be simplified

Budget 2024: Finance Minister Nirmala Sitharaman will present the interim budget after a week. Before that, the traders' organization Confederation of All India Traders has demanded from the Finance Minister to review the GST law to make GST a simplified system. CAT has demanded from the Finance Minister to make such a GST law so that the traders of the country can easily follow the law. CAT said that the existing GST tax system is quite complex which needs to be simplified so that the tax scope of GST can be increased and the Central and State Governments can get more tax in the form of more GST. CAT has demanded to form a GST Coordination Committee of officers and traders at every district level so that mutual coordination can be increased. 

On the list of demands of traders, CAT's National General Secretary Praveen Khandelwal has demanded to create a special slab of income tax for traders like companies. He has demanded to review all the laws affecting business and to abolish the laws which have become irrelevant. Prime Minister Supporting Narendra Modi's vision of one country – one law, the traders' body has demanded declaration of a single license system to simplify the complex licensing system. 

CAT has demanded the Finance Minister to implement e-commerce policy and National Retail Trade Policy. In its list of demands, CAT has demanded to declare a scheme to provide easy loans to traders at low interest rates from banks. Also, it has been asked to amend the existing scheme of giving pension to businessmen. CAT has demanded the creation of a special trade zone for wholesale business in every state capital, where the government should set up a window so that all types of government processes can be completed through a single window. CAT has also requested the Finance Minister to form a special task force for different trades like textile, toys, mobile, electronics and electrical, auto parts, hardware, jewellery, readymade garments etc. so that the export of these goods can be increased. . 

CAT said that check bounce is a big problem for businessmen, therefore, for speedy disposal of check bounce cases, a Recovery Tribunal or Lok Adalat should be constituted at every district level in which such cases should be settled within 45 days. CAT has also requested that to promote digital payments, the government should directly subsidize the bank charges on credit debit cards to the banks so that the responsibility of paying the bank charges does not lie on the merchants and consumers. CAT has also demanded formation of Digital Payment Promotion Board. 

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