New Delhi, Aug 3:
Union Minister of State (Independent Charge) for Law and Justice Arjun Ram Meghwal today assured the Bhartiya Udyog Vyapar Mandal (BUVM) that the government was committed to resolving issues concerning traders and businesses in the country.
He was speaking at the 44th Foundation Day of Bhartiya Udyog Vyapar Mandal (BUVM), here. Among others, Hon’ble Harsh Malhtora, Union Minister of State in the Ministry of Corporate Affairs and Road Transport and Highways Harsh Malhotra; Vijay Baghel, Ramesh Awasthi, and Sadhana Singh, both MPs attended the event.
Meghwal assured the BUVM that he stands with them in addressing their concerns related to doing business. “I, along with Malhotra Ji, and MPs who are attending the event will act as your advocates,” Meghwal said.
Adressing the gathering, Malhotra said the traders community has played a very important role in making India the world’s fourth largest economy. He said further said that while the new indirect tax regime is much better than the old one, there is always a scope for further improvement. “We will convey your issues to the officials in the finance ministry and Union Finance Minister Nirmala Sitharaman,” Malhotra said.
The Event was attended by representatives of BUVM from 28 States.
Established in 1981, BUVM has represented and advocated the concern of businesses and has been seeking favorable policy changes from the government. BUVM actively engages with policymakers, regulators, and industry stakeholders to shape business-friendly policies and create an enabling environment for growth.
BUVM has raised certain issues affecting businesses and traders. It has highlighted problems traders face because of multiple GST rate slabs, and lack of uniformity in Mandi tax rates in different rates, among others.
The organisation has also made a strong case for appointment of a regulator for e-commerce.
Presidnet of BUVM Babu Lal Gupta said the government is focussing on ease of doing business.
“One of the major pain points has been the multiple GST tax slabs which creates challenges especially for MSMEs and trader community alike. The issue needs to be resolved and we have written to various government authorities suggesting rationalisation of GST rates into three slabs – 0%, 5% and 18%. We believe if accepted, this will pave the way for higher GDP growth,” he said.
He further added that all food products, irrespective of their weight and packaging must be zero tax slab. Cleaning, grading and sorting machines for foodgrain, pulses and oilseeds, LED lamp, submersible water pump, hardware, stainless steel, toys of up to Rs 1000, edible oil, bakery products, solar water heater, ghee, pickle, handicrafts and hotel rooms upto Rs 1000/day should be kept in 5% slab. Rest all the products should fall under 18% slab.
Similarly, there is a wide variation in Mandi cess across States which typically ranges between 0-4%. This needs to be uniformed.
In his address, Satish Agarwal,National Senior Vice President & In Charge, Andhra Pradesh & Telangana Province said that state governments distributing freebies should be stopped, as it places an unnecessary burden on taxpayers.
Among other demands, the association called for reduction in tax compliance which has burdened businesses with additional time and expenditure. It suggested withdrawal of TDS (Tax Deducted at Source) and TCS (Tax Collected at Source).###
