sitharaman: Noida traders oppose Itr deposit fee, GST on medical insurance | News from Noida

Noida: Traders have urged Union Finance Minister Nirmala Sitharaman not to impose the proposed minimum tax return filing fee of Rs 1,000 for individuals, Rs 5,000 for partnership companies and Rs 10,000 for businesses in the upcoming 2022 budget. They cite the proposal as an undue burden on people, especially those benefiting from tax exemptions.
In a letter to Sitharaman, the Confederation of All India Traders Delhi-NCR (CAIT) has also called for the abolition of Goods and Services Tax (GST) on medical insurance following an increase in cases. of Covid and the establishment of tuition fees under a separate regime. exemption scheme for at least Rs 1.5 lakh.
“No IT filing fee should be levied as inflation is already very high and taxpayers are already making ends meet with extreme difficulty,” said CAIT-Delhi NCR manager SK Jain. “Furthermore, we have urged the minister to ensure that all small entrepreneurs who run sunil partnership businesses benefit from the minimum income exemption, like individual taxpayers.”
According to Jain, who is also president of the Sector 18 Market Association, abolishing the GST on medical insurance is the need of the hour.
“Medical expenses were very high during Covid 19. This is why we wrote to the Minister of Finance to ask for the abolition of GST on health insurance. We have urged the minister to reconsider the whole GST system and introduce a new one with one-stop-shop format via digital identity like Aadhaar card for all businesses,” he said.
From the upcoming budget, Abhay Pandey from a group of Noida residents demanded from Sitharaman an increase in the standard deduction slab and exemption limit under 80C to Rs 3 lakh from the current Rs 1 .5 lakh.

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