Commercial markets across India to remain shut today: Traders’ body CAIT

Mumbai: Traders’ body CAIT on Thursday said all commercial markets across the country will remain closed on February 26 in view of its ‘Bharat Bandh’ call demanding a review of the provisions of the goods and services tax (GST) regime.

The Confederation of All India Traders (CAIT) said dharnas (protests) will be held nationwide in 1,500 places demanding the Centre, state governments and the GST Council to keep in abeyance the “draconian” provisions of GST.

It also called for a review of the GST system and its tax slabs to simplify and rationalise it for easier compliance by traders.

Addressing a press conference, CAIT Secretary-General Praveen Khandelwal said it is also talking to the government on this issue.

He said the All India Transporters Welfare Association (AITWA) will also support CAIT’s Bharat Bandh call and hold a ‘Chakka Jam’ on February 26.

“All commercial markets across the country will remain closed and protest dharnas will be organised in different cities of all states,” Khandelwal said adding that along with CAIT, over 40,000 traders’ associations across the country will support the Bandh.

He observed that voluntary compliance is the key to a successful GST regime, as it will encourage more people to join the indirect tax system, increase tax base and boost revenue.

Khandelwal said that almost 950 amendments have been made so far to GST rules in the past four years. Issues related to glitches in GST portal and the continuous increase in compliance burden are the major lacunae in the tax regime, he added.