CAIT suggests giving immediate effect to traders pension scheme from next fiscal

The Confederation of All India Traders (CAIT), an apex body of the trading community of India, Monday asked the government to extend the purview of the new scheme, which assures minimum monthly pension of Rs 3,000 to all shopkeepers, retailers and self-employed persons after attaining the age of 60 years. Under the scheme, approved by the cabinet last month, all shopkeepers and self-employed persons, as well as retail traders with GST turnover below Rs 1.5 crore and aged between 18-40 years, can enrol for the scheme.

"Currently, there are about 1.5 crore traders in the country who are near the age of 60 years and they should not be derived from this scheme," Confederation of All India Traders (CAIT) said in a communication to Prime Minister Narendra Modi. It has also suggested giving immediate effect to the scheme from next financial year.

"A large number of traders are not required to be registered under GST and as such, they will also be deprived of the scheme," it said adding they should be included in the scheme which may be linked with their annual turnover. "In this way, the scheme will cover traders comprehensively," it added.