FAIVM submits Budget proposal to Union Finance Minister

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STATE TIMES NEWS

JAMMU: Nations apex trade body Federation of All India Vyapar Mandal (FAIVM) has submitted its budget proposal to Union Finance Minister.
In its budget proposal FAIVM mentioned that Traders and Retailers i.e., the supply chain segment of Economy, are essentially one of equal partner in Nation’s GDP. Therefore, to accelerate economy to achieve a target of $5 trillion by 2024.
According to Sanjay Bansal, President – J&K (Federation of All India Vyapar Mandal)Traders are undoubtedly part of Nations economy and contributes to 22% in Nations GDP with 90% contribution in overall employment opportunities in the country. Every stakeholder i.e., Industry, Service and Trade should be considered at par and all policies matter 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 have 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. For the upliftment and welfare of the business community, the following proposals for the budget are presented to you.
FAIVM has advocated an Income Tax on partnership and Limited liability Partnership to be taxed at 22% instead of 30% 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 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% 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.
In its budget suggestion, the FAIVM has also requested an interest subvention scheme on the loans of traders so that traders can continue their business under the present circumstances.
After global pandemic traders instead of layoff their employees, have preferred to retain them with certain reduction in their wages. Looking to this aspect traders must be relieved from the provisions of Minimum Wages Act. Similarly, provident fund registration of traders should be postponed for at least 2 years if the minimum number of employees under provident fund is less than 20.
In its budget suggestions, FAIVM has reiterated its old demand that the government should put all the three constituents of the economy like 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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