Budget: Demand for CTI- GST and e-commerce rules to be improved with income tax exemption

Different business organizations are sending their suggestions and problems to the Union Finance Minister Nirmala Sitharaman, who is preparing for the budget of 2021-2022. The Chamber of Trade and Industry (CTI), a traders’ organization in Delhi, also held a video conference with traders, factory owners, women traders and tax experts from Delhi on Monday to discuss the upcoming budget.

CTI chairman Brijesh Goyal and president Subhash Khandelwal said that the businessmen have prepared a draft of their problems and demands in the meeting, on which the CTI has written a letter to the Union Finance Minister. The CTI said that in the budget formation, the demands of the traders should also be taken care of. The CTI has also sought an appointment with the Finance Minister.

Brijesh Goyal said that traders have made very important suggestions:

1. Income tax exemption limit should be 5 lakhs. All middle and upper-class taxpayers whose income is more than 5 lakh should also get the benefit of income tax rebate given by tax rebate up to 5 lakh taxpayers. Therefore, this rebate should not be extended through rebate and the income tax exemption limit should be increased.
2. There has been no change in the limit of 80 lakh exemption of income tax for one and a half lakhs for many years, it should be increased to give relief to middle-class taxpayers.
3. Two years ago the limit of cash payment was reduced from 20 thousand to 10 thousand. The limit of 20 thousand was going on for 20 years. Cash transactions are an essential part of the business. Keeping in mind the ease of doing business and the convenience of the people doing business in the traditional way, it should be done again 20 thousand.
4. Government should take such measures, which increase investment and generate maximum employment market.
5. Government should also reduce import duty on raw materials. A lot of raw material comes from abroad, which produces in the country.
6. The government will also have to focus on infrastructure. Domestic production has to be encouraged so that more production can be made in domestic industries. Concrete work should be done on Prime Minister Narendra Modi’s ‘Vocal for Local’ campaign. If there is a demand for Indian goods, then the economy will be boosted here.
7. Government is required to control e-commerce. Foreign companies are making a lot of profit in the country through e-commerce, due to which our money is going abroad. This is causing huge damage to the retail market of India. The business model of e-commerce companies will have to be monitored.
8. GST rules should be amended. Tax rates on many items are high, which should be reduced.