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| FAIVM submits budget proposal to Union Finance Minister | | | Early Times Report
Jammu, Jan 5: Nations apex trade body Federation of All India Vyapar Mandal (FAIVM) has submitted its budget proposal to Union Finance Minister.
In its budget proposal FAIVM mentioned that traders and retailers i.e., the supply chain segment of economy, are essentially one of equal partner in nation’s GDP.
Therefore to accelerate economy to achieve a target of $5 trillion by 2024. According to Sanjay Bansal, President J&K (Federation of All India Vyapar Mandal) traders are undoubtedly part of nation’s economy and contributes to 22% in nations GDP with 90% contribution in overall employment opportunities in the country.
Budget 2020-21 which is the first step towards path of $5 trillion economy should rationalize fiscal policies of the nation. For the upliftment and welfare of the business community, the following proposals for the budget are presented to you.
FAIVM has advocated an income tax on partnership and Limited liability Partnership to be taxed at 22% instead of 30% at present bring at par with Income Tax applicable to Corporates .
In addition, the provision to deduct tax on the source should be applicable only to those traders whose annual turnover is more than 10 crores.
In order to rectify the error in the GST return happened earlier due to ignorance, the introduction of the amnesty scheme in the GST like Vivaad se Vishwas should be brought by Government to settle small litigation in GST. Government must give a chance to rectify these errors without any monetary penalty.
In its budget suggestion, the FAIVM has also requested an interest subvention scheme on the loans of traders so that traders can continue their business under the pre
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