JAMMU, Oct 9: Chamber of Commerce and Industry (CCI), Jammu, President Arun Gupta has appreciated Union Finance Minister Nirmala Sitharaman for her leadership and the initiatives discussed and approved at the GST Council meeting, stating that the proposed measures would provide relief to traders, small businesses and the wider business community by simplifying tax procedures and reducing compliance burdens.
Addressing a meeting of the CCI office bearers, Arun Gupta welcomed the recommendation to reduce the general penalty from ₹25,000 to ₹10,000, describing it as a much-needed step towards easing the financial burden on traders, particularly micro, small and medium enterprises (MSMEs). He said the move would help reduce the fear of disproportionate penalties, prevent unnecessary harassment and promote a more business-friendly environment.
Gupta also welcomed the measures relating to raising prosecution thresholds, rationalising penalties, simplifying GST registration and compliance procedures, facilitating input tax credit and refunds, and introducing an optional scheme for small consumer-facing businesses. He said these initiatives could improve working capital availability, reduce procedural difficulties and make it easier for small traders and entrepreneurs to conduct their businesses.
He further appreciated the proposed simplification of GST procedures, standardisation of notices and proceedings, facilitation of service exports and measures aimed at ensuring the smoother movement of goods across states. He expressed hope that the recommendations would be implemented in a time-bound manner so that the business community could experience tangible benefits.
At the same time, the CCI president urged the Union Finance Minister to reconsider what he described as the growing financial burden on small businesses arising from charges on UPI transactions exceeding ₹2,000.
He pointed out that digital payments had become an integral part of everyday commercial activities, particularly for small shopkeepers, retailers, street vendors and micro and small enterprises. While UPI had significantly contributed to digital payments and financial inclusion, he noted that small businesses generally operate on narrow profit margins and handle numerous low-value transactions daily.
Gupta emphasised that the country’s transition towards a digital economy should go hand in hand with protecting the interests of small traders, who play a significant role in employment generation, local economic development and the overall growth of the Indian economy.
He expressed confidence that under the leadership of Nirmala Sitharaman, the government would continue introducing progressive measures to simplify taxation, reduce compliance costs and address the genuine concerns of the trading community.
The meeting was attended by CCI Senior Vice President Anil Gupta, Junior Vice President Rajeev Gupta and Treasurer Rajesh Gupta, among other office bearers.