Traders' Body demand for special tax of 5% on E-Tailers
By MYBRANDBOOK
A traders' body said, owners of small businesses have demanded imposition of a special tax of 5% on online retailers and lowering of income tax rate to 22% on partnership and Limited Liability Partnership firms in the next Union budget to help them survive. Traders and retailers, who have been going through a tough time in the wake of the Covid-19 pandemic, contribute about 22% to the country's gross domestic product and provides employment to lakhs of people, Federation of All India Vyapar Mandal claimed in its budget proposal to the Union Finance Minister Nirmala Sitharaman.
FAIVM General Secretary VK Bansal said, "The traders' community of India has been in a miserable condition after the demonetisation and the complex GST system were implemented. The growing e-commerce business has further raised the question of the survival of the nation's brick and mortar trade. So it is very important to impose a special tax of 5% on the total business of online retailers. An income tax on partnership firms and limited liability partnership entities should be levied at 22%, instead of 30% at present. This will bring it at par with income tax applicable to corporate". The traders' body also claimed that the online retailers have experienced a surge in their revenue and reported sales of $4.1 billion in a week of October 2020 during the festive season.
The FAIVM has also requested the government to offer an interest subvention scheme for loans being provided to traders so that they can continue their businesses under the present circumstances. Service sector retail businesses should also be given all benefits which are being extended to MSMEs, including the issuance of Udhyog Adhaar.
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