Ahead of Budget, traders’ body urges Union Govt to give special package for border state

Ahead of the Union Budget session, traders’ body have urged the Central Government to give a special package for the border state.

The Punjab Pradesh Beopar Mandal (PPBM) forwarded a memorandum, containing several demands, to Union Finance Minister Nirmala Sitharaman urging her to give a special package to Punjab in the upcoming Budget.

Piara Lal Seth, president, PPBM, said these demands, if implemented, would accelerate the economic development of the state and improve living standard of the people. He said, “On the line of tax rebate and financial package to Jammu and Kashmir and Himachal Pradesh, Punjab should also be given Central financial assistance and a special package so that the state’s development gets accelerated.”

He said, “The income tax limit should be increased to Rs 10 lakh keeping in view the fact that the cost of living has increased. The expenses incurred on education, petrol and diesel build up financial pressure on the public. One nation one electricity rate should be implemented to bring uniformity in power rates across the country so that industries and traders can get rid of state-based discrimination. The GST should be simplified to make it trader-friendly. Traders with turnover up to Rs 5 crore should be given Rs 10 lakh insurance coverage.”

He said, “Young entrepreneurs should be given income tax waiver for 10 years on starting new industries so that they can strengthen their business. The cash transaction limit should be increased from Rs 10,000 to Rs 50,000 as the prices of commodities have increased.”

He said, “The GST rates on the life and health insurance should be reduced to give relief to commoners.” He also sought reduction in interest rate on home loans.