New Delhi: The Confederation of All India Traders (CAIT) has appreciated various announcements made by Finance Minister today extending various statutory compliances under Income Tax, GST and other Acts. ” These extensions have relived the trading community from a great burden who were having a fear as to how the statutory compliances will be made when everything is under lockdown. It speaks the sensitivity of the Government towards the problems being faced by the trading community. It is notable that CAIT in a letter to Prime Minister Shri Narendra Modi few days back have demanded the extension of all statutory compliances to 30th June, 2020.
CAIT National President Mr. B.C.Bhartia & Secretary General Mr. Praveen Khandelwal while welcoming the announcements said that it would have been better to withdraw interest for the extended period instead of lowering down the rate of interest. Both the trade leaders call upon the Finance Minister to explore the possibilities of complete waiver of interest for the extended period.
Both Mr. Bhartia & Mr. Khandelwal said that the trading community comprising of 7 crore traders across Country is eagerly looking at the economic package and urge the Finance Minister to extend the current financial year upto 30th March instead of 31st March and the next financial year may be for the nine months. current financial year should be extended upto 30th June, 2020.. Repayment of bank loans, EMIs and other banking obligations should be extended upto 30th September and no interest or penalty should be charged on extended period. Payment of all Government Utility Bills like Electricity, Water, Property Tax should be deferred upto 30th September,2020 and each of such bill of the services should be awarded 50% off..Employee share of Provident fund to be borne by the Government for 6 months..A Corona Cash Loan with reduced rate of interest may be given to traders for keeping the supply chain effective and uninterrupted..Non Banking Finance Companies and Micro Finance Institution should be strengthen and may be advised to advance loan to traders against nominal rate of interest, No Account of any Trader be declared as NPA.
Mr. Bhartia and Mr. Khandelwal further urge the Finance Minister that Government should provide subsidy to Traders for paying the wages to their workers only for the duration of lockdown.Cash is one of serious career of viruses and therefore a national drive for adoption and acceptance of digital payments should be launched for the traders in association with CAIT. Bank charges levied on digital transactions should be either waived or the Government should provide subsidy directly to the Banks and neither the trader nor the consumer is charged with bank charges. An attractive gift or tax discount scheme may be provided for the traders and consumers who adopt digital payments..A Joint Committee of Traders and senior officials of different Departments concerning traders be formed at each District level to mitigate the problems of the traders at one go and encourage more and more traders to obtain GST number and adopt and accept digital payments.. During the period lockdown and restrictions, the e commerce companies should be allowed only to sell essential commodities as it is allowed for traders and their e commerce portals for rest of the items should be directed to be closed.