Budget 2021 Expectations: During the corona lockdown, the traders are disappointed with the budget, due to no allocation to traders in various economic packages. Businessmen have high hopes from the Union Budget. The Confederation of All India Traders (CAIT) has said that the government may announce some tax to increase its income but it will be interesting to see where the tax will be and the impact it will have on business and industry. CAT has emphasized that the formation of a National Trade Policy for Retail Trade, an E-Commerce Policy and an Ecommerce Regulatory Authority and a Voluntary Disclosure Scheme (VDS) are also required to be announced in the budget. But it is also necessary to give an assurance that there are no inquiries from those declaring under VDS, so that the allegedly hidden business can be linked to the mainstream. Let me tell you, there are about 85 million traders in the country who do business of more than 80 lakh crore rupees annually and employs about 40 crore people.
Expect easy loan policy
CAIT National President BC Bhartia and National General Secretary Praveen Khandelwal said that traders are currently facing financial crisis. Traders expect that in the budget, traders will get cheaper and easier loans from banks and financial institutions, its policy will be announced in the budget. At the same time, just as the income tax cap on the corporate sector is 25%, it should also be announced in the budget to apply to the traders.
In order to make Prime Minister Narendra Modi’s Local Vocal and Self-Reliant India campaign successful, a comprehensive plan should be announced in the budget for the businessmen, artisans, handicrafts and people working in the ancient art of the country to join this campaign. Businessmen hope for a special provision in the budget to promote women entrepreneurs.
GST simplification policy arrived
Khandelwal has expressed the hope that the policy of simplification of the GST system should also come in the budget. On the other hand, the announcement of the formation of a task force to review all kinds of laws on traders can also be a part of the budget. In place of about 28 types of licenses on domestic trade in the country, the announcement of the implementation of only one license like Aadhaar should also be in the budget. A comprehensive plan to promote ease of doing business can also be a part of the budget.
Computerized System Connectors
Khandelwal said that on behalf of the government, all departments have been connected to the e-system, so it is necessary for timely compliance of all tax and other laws that the merchants should also be connected to the computerized system. In this way, the provision of assistance from the government to the traders on purchasing computers and related salmon is also an expectation of the budget.
At the same time, for the modernization of the present form of the retail business of the country, any assistance scheme of the government is the need of the hour. He also said that the policy announcement to give the government directly to the banks through a subsidy to the charge levied by banks to promote digital payments should also become part of the budget. The plan to encourage traders and other people to increase the country’s export trade as much as possible is also to be announced in the budget.