CAIT urges govt to restrict e-commerce companies to sell only essential goods; seeks fiscal stimulus to tide over crisis

The Confederation of All India Traders (CAIT) expressed resentment over the business behaviour of e-commerce companies and urged Union Commerce Minister Piyush Goyal and Consumer Affairs Minister Ram Vilas Paswan to permit them to deal only in essential commodities. Extending support to lockdowns imposed by various state governments to combat community spread of coronavirus in the country, the trades’ body pointed out that the e-commerce firms are undertaking business activities freely at a time when offline markets remain closed in many states due to shutdown. The CAIT urged Goyal and Paswan that the e-taliers should be allowed to sell only essential commodities as there is relaxation for offline markets as well to sell them and the e-commerce firms should be directed to close their portals for rest of the products. [caption id=“attachment_2265508” align=“alignleft” width=“380”] Representational image. Reuters[/caption] CAIT national president BC Bhartia urged Union finance minister Nirmala Sitharaman to assess the impact of coronavirus pandemic on domestic trade. In the current extra ordinary situation of restrictions including lockdown and other preventive steps, the current financial year may be extended up to 30 June, CAIT said. All returns to be filed and payment of taxes under Income Tax and GST should also be deferred to 30 June and no interest or penalty should be levied on the traders for the extended period, it said. Payment of bank loans and EMIs should be postponed till 30 June and no interest should be charged for the extended period, it said. The traders’ body also sought fiscal stimulus from the Union as well as state governments and recapitalisation of bank loans through strengthening the non-banking finance companies (NBFCs) and micro finance institutions. Bhartia said that a short term corona cash loans at low interest rates should be given to domestic small industries to boost production and to traders for maintaining effective and uninterrupted supply chain in the country. A comprehensive insurance policy with minimum premium covering COVID-19 as natural calamity should be introduced, he said adding the Insurance Regulatory Development Authority (IRDA) should be advised to direct all insurance companies to bring coronavirus outbreak in the natural calamity bracket.