GST: The government may soon announce a national retail trading policy and accident insurance scheme for traders registered under Goods and Services Tax (GST). An officer gave this information. The official said the proposed policy would provide better infrastructure to traders and also enable them to avail more loans.
The officer gave information
The official said the policy could have provisions for cheap and easy credit, modernization and digitization of retail trade, modern infrastructural support for the distribution chain, skill development and labor productivity improvements, and an effective counseling and grievance redressal mechanism.< /p>
Work is also on for an insurance scheme for all GST-registered retail traders
India is the world’s fifth largest destination in the retail sector globally. The commerce and industry ministry is also working with the department of financial services on an insurance scheme for all GST-registered retail traders. The officer said, "The government is not only trying to bring policy changes in e-commerce, but also bringing a National Retail Trade Policy for traders, which will improve ease of doing business, provide infrastructural facilities and other facilities with more loans to traders Will also meet."
What CAIT Secretary General has said
Under the proposed policy, a single window clearance mechanism for traders may be developed apart from a centralized and computerized inspection system. Praveen Khandelwal, general secretary of traders’ organization Confederation of All India Traders (CAT), said that the retail trade policy will definitely help this sector. He said that retail business is the only sector of the economy for which there is no policy. He said that the insurance scheme for traders would recognize their contribution to the economy.
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