Shortly after the Union finance minister Nirmala Seetharaman announced measures to help businessmen combat recession, city-based traders are demanding more benefits. They are of the view that the norms governing the GST should be further eased and the government should take steps like making tax payments under the GST on a quarterly basis for small industrialists. Recently, the tractor parts manufacturers and traders association (TPMA), Ludhiana, organized a meeting with Pawan Garg, deputy excise and taxation commissioner (DETC), Ludhiana, and expressed their concerns.
Vijay Dadu, president, TPMA, said: “We are thankful to the Union government for understanding the situation of businessmen and taking steps in the right direction to revive the economy. But as far as small industries are concerned, there is still a scope of taking more steps which can give them a breather like simplifying the taxation system, particularly the GST, and depositing tax on a quarterly basis for small industries.”
Dadu said: “We have had a cordial meeting with Pawan Garg and apprised him about all the problems being faced by the businessmen and which should be addressed at the earliest. If the taxation system is made easier and simplified then the businesses will bloom. This will not only benefit the businessmen but the government too since the revenue will also rise.” Anoop Saggar, chairman of the TPMA, said: “The recession in India is getting more serious day by day and the situation is becoming more challenging for us. At this hour of distress, it is only the government from where we have hoped. The government should consider reducing the rate of interest on loans to small businesses. Even a small step like this can bring a lot of change. At the same time, businessmen should also try and adopt modern techniques which can help them in cutting down the labor and production cost.”