Chandigarh Beopar Mandal takes up traders’ issues with Bhartiya Udyog Vyapar Mandal
Chandigarh Beopar Mandal president Charanjiv Singh said BUVM was constantly addressing traders’ issues, with the recent being extension of the benefit of MSME to traders and the constitution of the National Traders Welfare Board to resolve the traders’ issues
The Chandigarh Beopar Mandal (CBM) took up several issues being faced by the traders in the city with Bhartiya Udyog Vyapar Mandal (BUVM) president Babu Lal Gupta during an executive member meeting on Monday.
CBM president Charanjiv Singh said BUVM was constantly addressing traders’ issues, with the recent being extension of the benefit of MSME to traders and the constitution of the National Traders Welfare Board to resolve the traders’ issues.
“We took up national traders’ issues, such as GST, income tax and the Food Safety Act. Regarding GST, purchasers are facing difficulty because of fraud invoicing in the past and the non-existence of such suppliers, resulting in notices to the purchasers for reversal of input tax credit along with interest and penalty. If the amount is not paid by the purchaser to the seller within 180 days due to some dispute, no reversal of ITC should be demanded,” Singh said.
“Income tax exemption limit which has been increased to 7 lakh for assesses having income up to 7 lakh should be allowed for all assesses to give benefit to all taxpayers. Also, the income tax maximum slab rate should be reduced from 30% to 25% for individuals and small businesses on the pattern of corporate tax,” he added.
“Regarding the Food Safety Act, a lifetime licenses should be issued to the traders under the FSSAI Act, like GST registration, income tax pan and shop act,” Singh added.
The meeting provided a platform for collaborative efforts to find solutions to these issues and to promote the growth and well-being of the trading community. Meanwhile, Babu Lal Gupta assured the members to take up their issues with the GST council and other Union ministries concerned.