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.
BREAKING NEWS
TECHNO TRENDS
Singapore to remove One-Time Passwords from Bank Accounts
According to the Monetary Authority of Singapore, clients who utilise secur...
Is 375 million Airtel subscribers database breached?
When a hacker claims to have accessed and put up for sale a customer databa...
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
E-Magazine
TECHNOTAINMENT
Airtel Xstream Play strengthens regional content library, part
Bharti Airtel (“Airtel”), one of India’s leading telecommunications
ED attaches Raj Kundra, Shilpa Shetty’s Rs 97 crore worth as
The Enforcement Directorate (ED) has seized businessman Raj Kundra's pro
MOVERS & SHAKERS
Clover Infotech appointed Subham Banerjee as CDO
Clover Infotech has announced the appointment of Subham Banerjee as its Ch
Saviynt ropes in Sanjeevi Kumar as new Sales Director in India
The cloud-native identity and governance platform solutions provider Saviy
OPEN YOUR EYES
INTERVIEWS
Kaspersky securing the digital landscape by offering enhanced
Kaspersky is a thought leader in cybersecurity that identifies threats by p
ETEK building a cybersecurity aware community
ETEK is a Global Managed Security Services expert with 30 years of experien
HOT PICK
COLORFUL rolls out an array of gaming laptops
COLORFUL launched its incredible series of COLORFUL EVOL P15 gaming laptop
Dell Technologies launches new AI-powered commercial PC portfo
Dell Technologies has launched the broadest portfolio of commercial AI lap
MAKE IN INDIA BRANDS
NUMERIC INDIA, A Group Brand Legrand
PDRL - Passenger Drone Research Pvt. Ltd.
EXATRON SERVERS MANUFACTURING PVT. LTD.
DATA SAFEGUARD INDIA PRIVATE LIMITED
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : Dilip Asbe
At present, Dilip Asbe is heading National Payments Corporation of Ind...
Icons Of India : Dr. Arvind Gupta
Arvind Gupta is the Head and Co-Founder of the Digital India Foundatio...
Icons Of India : Harsh Jain
Harsh Jain, the co-founder of Dream 11, the largest fantasy sports web...
PARTNER SPEAKERS
PSU
CERT-IN - Indian Computer Emergency Response Team
CERT-In is a national nodal agency for responding to computer security...
DRDO - Defence Research and Development Organisation
DRDO responsible for the development of technology for use by the mili...
IFFCO - Indian Farmers Fertiliser Cooperative
IFFCO operates as a cooperative society owned and controlled by its fa...
VIDEOS
Top 25 Brands
Value-Added Distribution
Indian Tech Talent Excelling The Tech World - JAY CHAUDHRY, CEO – Zscaler
Jay Chaudhry, an Indian-American technology entrepreneur, is the CEO a...
Indian Tech Talent Excelling The Tech World - NIKESH ARORA, Chairman CEO - Palo Alto Networks
Nikesh Arora, the Chairman and CEO of Palo Alto Networks, is steering ...
Indian Tech Talent Excelling The Tech World - Rajiv Ramaswami, President & CEO, Nutanix Technologies
Rajiv Ramaswami, President and CEO of Nutanix, brings over 30 years of...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
EMINENT CIO's OF INDIA
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
