Confederation of All India Traders says that the Union budget is a progressive document
Traders, who have traditionally been a loyal constituency of the Sangh Parivar in general and the Bharatiya Janata Party (BJP) in particular, are gaga over the Union Budget 2017-18 presented by the Union Finance Minister Arun Jaitley going by the generous words of a well known traders lobby Confederation though immediately it is not clear as to what are the reasons for their elevation.
B.C. Bhartiya, the National President and Praveen Khandelwal, the Secretary General of the Confederation of All India Traders (CAIT) on Wednesday described the Union budget is a progressive document which lays fundamental for the future.
In a statement, they said, âthe budget is a progressive document whose working round the year will culminate into dividend in next year Budget since it is expected that implementation of GST in this fiscal will add sizeable number of tax payers in the Country giving leverage to the Government to reduce Bank lending rates and bringing down Income Tax slabs considerably-said the Confederation of All India Traders (CAIT). Reduction of corporate Tax to 25% for turnover upto Rs. 50 cr will boost SME and small businesses in the Country. Lending target under Pradhanmantri Mudra Yojna has been doubled and set at Rs.2.44 lakh crores which will result in financial inclusion of last mile trader and in turn will consolidate the retail market.
The joint statement maintained that announcement for creation a Payments Regulatory Board in the Reserve Bank of India by replacing the existing Board for Regulation and Supervision of Payment and Settlement Systems will boost digital payment landscape in the Country. However, transaction charges are major deterrent in adoption of digital payments and it was hoped that Government will subsidise such charges directly to the Banks. Model Shops and Establishment Bill will create new business avenues to small retailers particularly job opportunities for the women.
According to them, however, security and safety aspects needs to be considered by the State Governments to open up additional opportunities. Reduction in limit of cash expenditure of Rs.10 thousand will prove to be counter productive and will stall smooth business activities."