Lucknow: A “Pre-Budget Discussion” was organised on Saturday at the state office of the Uttar Pradesh Adarsh Vyapar Mandal located on Ayodhya Road, Lucknow. The event witnessed active participation from traders, industrialists, chartered accountants, and tax experts, who deliberated on key economic issues and presented suggestions ahead of the Union Budget.
Senior office-bearers of the organisation, along with experts from the fields of taxation and industry, discussed the challenges faced by the trading community, particularly the retail sector. It was unanimously decided that all points and demands raised during the discussion would be compiled and sent to the Union Finance Minister via email.
During the discussion, traders expressed concern over the declining retail business due to the rapid growth of e-commerce. Emphasis was laid on the urgent need for a National E-Commerce Policy and a Retail Trade Policy. Participants also demanded a reduction in FDI in the retail sector, stating that 100 per cent FDI has adversely impacted small and medium traders. The organisation also demanded ₹10 lakh health insurance cover for traders.
Addressing the gathering, State President Sanjay Gupta said that unrestricted FDI in retail is weakening India’s traditional retail ecosystem and harming local traders.
Key Demands Raised During the Pre-Budget Discussion:
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Housing loan interest benefit of ₹2 lakh should be extended under the new income tax regime, similar to the old regime.
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Under the National Faceless Scheme, cases involving disputed income tax below ₹50 lakh should be handled within the taxpayer’s jurisdiction with an option for personal hearing.
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All taxpayers should be given an option for physical personal appearance to address technical, language, and practical difficulties.
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The tax rate for LLPs and partnership firms should be reduced from 30% to 22.5%, at par with corporate tax.
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Cess rate should be reduced from 3% to 1%.
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The turnover limit under Section 44AD should be increased from ₹1.5 crore to ₹5 crore, and the presumptive tax rate reduced to 4%.
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Exemption on long-term capital gains on shares and mutual funds should be increased from ₹1 lakh to ₹5 lakh.
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TDS provisions should be simplified into three or four slabs.
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Income tax payers should be provided life and health insurance cover proportionate to tax paid, up to at least ₹10 lakh.
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MSME loans should be further simplified to ensure easy access for traders.
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Interest rates on savings accounts should be increased to promote savings.
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Commercial loan interest rates should be reduced.
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Clear income tax exemption up to ₹15 lakh should be provided, and the 30% slab should apply only to incomes above ₹50 lakh.
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The Union Budget should be simple and easily understandable for the common man.
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Traders with turnover up to ₹5 crore should be given standard deduction similar to salaried employees.
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Immediate announcement of Retail Trade Policy and E-Commerce Policy.
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A CCTV camera scheme should be introduced in markets.
The meeting was attended by Senior Vice President Avinath Tripathi, CA B.K. Gupta, Senior Vice President Gurpreet Singh Chaddha, Vice President Iqbal Hasan, Vice President and industrialist Asif Kidwai, Vice President Manish Verma, City President Harjinder Singh, senior traders Anuj Gupta, Vivek Kumar Gupta, Kamal Agrawal, Manoj Agrawal, Manoj Singh, and Raju Jaiswal, among others.
The organisation reiterated that the collective voice of traders must be reflected in the upcoming Union Budget to strengthen the retail economy and ensure inclusive growth.
