NEW DELHI -- The Confederation of All India Traders (CAIT), apex body of the trading community, in its pre-budget memorandum submitted to Union Finance Minister, Arun Jaitley has called for formation of a Retail Development & Regulatory Authority to develop & regulate retail trade of India.
Like other verticals of economy, it has also demanded formation of a National Trade Policy for Retail Trade and a Ministry of Internal Trade. The CAIT has advocated a blanket ban on entry of FDI in Retail Trade & E Commerce. It has also called for an incentive scheme in the Budget for promoting more usage of Debit/Credit Cards and use of net banking as a step towards cashless economy in the Country.
CAIT National President Mr. B. C. Bhartia and Secretary General Mr. Praveen Khandelwal informed that in its memorandum, the CAIT has also called for an early roadmap on Goods and Services Tax (GST) with its basic fundamentals of single tax regime with uniform act, rules and regulations across the Country. The CAIT has said that MUDRA should be made as a Regulator by enactment of a legislation in Parliament and Trade Associations should be involved with disbursement of Mudra loans to accomplish its goal of ‘funding for unfunded”.
The CAIT has demanded India to be developed as a Free Trade Zone by allowing free Inter-State Movement of goods by abolishing all kind of Road Permits & Entry Forms in Inter-State Trade. The CAIT has drawn the attention of the Government towards laws and rules governing domestic trade which are decades old and most of them either need to be abrogated or require amendments. The CAIT has, therefore, demanded the Government to constitute a Joint Committee of Officials and Traders to make an indepth study of such laws and to make recommendations
In its memorandum, the CAIT has demanded that like Free Trade Zone and Special Economic Zone the Govt. should also create Rural Economic Zone for small traders operating their business activities in rural areas. Such Rural Economic Zones should be exempted for a period of five years from all the complexities of various Acts and laws in order to boost trade and development of rural areas in the Country. The CAIT has also demanded a pension scheme for the traders by suggesting that a part of the tax paid by the assesses should by invested in pension fund/schemes by the Government and the proceeds thereof should be provided to the assesses after attaining the age of 60 years.
The CAIT has also demanded increase in Cash Payment limit from Rs. 20,000 to Rs. 50,000 as the said limit was fixed in the year 1997 and till than the price index has increased considerably. Referring to the grave shortage of Banks, it has demanded the Government to set up a Panel of officials and trade representatives to draw out modalities of opening new banks and making them efficient to render best possible services. The CAIT has also advocated a special package to traders engaged in Educational and Health Sector so as to deliver their best to the citizens.