Budget 2024: Lower GST Demand Listed by Delhi Market Association Officials

By: Admin July 16, 2024 Categories: GST Recent News

As the Union Budget 2024-25 approaches on July 23, various stakeholders, including the Delhi Market Association, are presenting their proposals and recommendations to Finance Minister Nirmala Sitharaman, hoping for favorable outcomes.

The Delhi Market Association has urged the government to consider measures to lower the Goods and Services Tax (GST) rates on essential items and shop rentals, aiming to stimulate consumer spending and boost sales.

Key Highlights:

  • Lower GST on Shop Rentals: The association has requested a reduction in the GST rate on shop rentals. The President of GK-2 Market Association emphasized that the already high rentals in South Delhi and other markets are further burdened by an 18% GST rate, which significantly impacts their finances.
  • GST Reduction on Essential Items: The association recommended reducing the GST on aluminum utensils from 12% to 5%, noting that these items are widely purchased by lower-income groups.
  • Commercial Rental Spaces: Traders have expressed concerns over the significant GST incurred on commercial rental spaces. They also highlighted the heavy property taxes charged by the Municipal Corporation of Delhi (MCD) and the inadequate facilities provided in return.
  • Income Tax Slab Revision: The President of Krishna Nagar Market pointed out the long-overdue revision of income tax slabs, stressing that traders face financial difficulties both personally and commercially.
  • Basic Amenities: An official from the Gandhinagar Readymade Market Association criticized the MCD for failing to provide basic necessities like sanitation and systemic parking around market areas. He mentioned that the lack of proper parking facilities has discouraged outside traders from visiting their market.

The Delhi Market Association’s proposals reflect the broader concerns of traders and aim to address the financial challenges they face, hoping for favorable measures in the upcoming Union Budget 2024-25.

#Budget2024 #GST #DelhiMarkets #TaxReform #FinanceMinister #ShopRentals #EssentialItems #TraderConcerns #IncomeTax #MCD #ConsumerSpending

Share on Facebook Share on Twitter