BIDGET 2022 Highlights: Road transport sector has high hopes from the general budget
New Delhi:
Road Transport Budget: The livelihood of about 20 crore people is directly or indirectly connected with the transport sector. About two crore trucks, buses, taxis, maxi cabs are associated with this transport sector. The transport sector, which played an important role in maintaining the supply chain despite all the hindrances during the Corona period, has Budget from the government (Budget 2022) Many demands have been placed in the state, among which the demand for special status to the road transport sector is the most important. Organization of more than 3500 state, district and taluka level transport unions All India Motor Transport Congress (All India Motor Transport Congress) has made many such demands regarding the General Budget 2022.
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1. There was a demand to abolish TDS from the road transport sector under sections 194C and 194N of the IT Act. AIMTC has termed TDS as impractical under 194C in the transport sector after the introduction of GST. The organization says that lakhs of crores are deducted in the name of TDS from small truck, bus operators, on which refund cannot be claimed. Those from whom TDS is deducted take three years to claim the return.
2. The All India Motor Transport Congress says that the operation of APMC and road transport is based on cash. Like agricultural produce marketing companies, road transport sector should also be exempted from TDS of 2% on annual cash withdrawal of more than Rs 1 crore.
3. The estimated income tax under section 44AE of the IT Act should be rationalised. Estimated income tax is impractical and irrational. It is based on the gross vehicle weight whereas it should be based on the vehicle’s loading capacity. It has been increased from 100 to 633% for vehicular capacity, which is beyond reality,
4. All India Motor Transport Congress says that GST should be zero on third party premium on goods transporters (Goods Carrying Vehicles and Passenger Commercial Vehicles).
5. More than 75 percent of bus-truck operators have only 1 to maximum 5 percent vehicles, but during the Corona period, school-college closures, lack of economic activities have hit them badly. Even after two years, he was not given any relief package. Therefore, it is necessary to announce the stress fund for the transport sector also in the budget.
6. Taxes on vehicle parts should also be reduced so that repair jobs in the transport sector can also be encouraged.
7. Most of the suggestions of the transport sector regarding scrap policy of old vehicles have also been ignored, so the operators affected by the new scrap policy should be given help. Insurance-fund and other social security benefits should be ensured for them.