” The Union Budget presented by Finance Minister Shri Arun Jaitley today is a progressive document whose working round the year will culminate into dividend in next year Budget since it is expected that implementation of GST in this fiscal will add sizeable number of tax payers in the Country giving leverage to the Government to reduce Bank lending rates and bringing down Income Tax slabs considerably-said the Confederation of All India Traders (CAIT). Reduction of corporate Tax to 25% for turnover upto Rs. 50 cr will boost SME and small businesses in the Country. Lending target under Pradhanmantri Mudra Yojna has been doubled and set at Rs.2.44 lakh crores which will result in financial inclusion of last mile trader and in turn will consolidate the retail market.
CAIT National President Mr. B.C.Bhartia and secretary General Mr. Praveen Khandelwal said that announcement for creation a Payments Regulatory Board in the Reserve Bank of India by replacing the existing Board for Regulation and Supervision of Payment and Settlement Systems will boost digital payment landscape in the Country. However, transaction charges are major deterrent in adoption of digital payments and it was hoped that Government will subsidise such charges directly to the Banks. Model Shops and Establishment Bill will create new business avenues to small retailers particularly job opportunities for the women. However, security and safety aspects needs to be considered by the State Governments to open up additional opportunities. Reduction in limit of cash expenditure of Rs.10 thousand will prove to be counter productive and will stall smooth business activities.