For GST registered traders the government is set to make an announcement on the soon-to-be-launched national retail trade policy, along with an accident insurance scheme.
An official has informed PTI that the government is expected to unveil a national retail trade policy and an accident insurance scheme for GST-registered domestic traders in the near future.
The policy’s goal is to enhance the infrastructure and expand credit opportunities available to traders.
The policy is expected to incorporate measures that ensure convenient and swift access to affordable credit, promote the modernization and digitization of retail trade, provide modern infrastructure support for areas such as the distribution chain, foster skill development and improve labor productivity, and establish an effective consultative and grievance redressal mechanism.
According to the statement, India is the fifth largest destination for retail globally, and the Ministry of Commerce and Industry, along with the Department of Financial Services, is in the process of developing an insurance scheme for all GST-registered retail traders. The scheme aims to provide financial protection to traders in the event of an accident. The statement did not provide further details about the insurance scheme.
According to an official cited by PTI, the government is working on a national retail trade policy aimed at introducing measures to improve ease of doing business, provide better infrastructure, increase access to credit, and offer various benefits to physical traders. The policy changes are not limited to e-commerce but will also include the physical retail trade sector.
The national retail trade policy being proposed may include the development of a single window clearance mechanism for traders, as well as a centralized and computerized inspection management system.
CAIT, the Confederation of All India Traders, expressed that the national retail trade policy will be beneficial for the sector as it will provide clear guidelines and principles for conducting retail trade, thereby expanding their businesses.
According to CAIT Secretary General Praveen Khandelwal, the retail trade is the only sector of the economy that has not had a policy thus far.
“He also added that providing an insurance scheme to traders would acknowledge their significant contribution to the national economy.”
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