Center to Start Retail Policy & Insurance Scheme for GST-registered Businesses


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Arpit Kulshrestha

National Retail Trade Policy & An Accident insurance scheme for GST-registered Businesses

In the forthcoming time, the government is planning to incorporate the national retail trade policy and an accident insurance scheme that shall have the purpose of furnishing assistance to the domestic traders who would have enrolled under the GST.

The official stated that the proposed policy shall support an effective infrastructure and more credit to the traders.

Read Also: Smart Guide of GST E-invoice & E-WayBill for Retail Traders

The proposed national retail trade policy in India may include initiatives like guaranteeing easy and quick access to affordable credit, encouraging the modernization and digitization of retail trade, supporting distribution chains with modern infrastructure, promoting skill development, and raising labour productivity.

The scheme can build a better procedure for consultation and grievance redressal.

For retail and commerce along with the Industry Ministry and the Department of financial services, India would rank as the 5th largest global destination which is collaborating for making the insurance policy for the retail trader enrolled under the GST regime.

Not exclusively in e-commerce but also the government is attempting to revise the policy by drawing the national retail trade policy for the physical traders that shall start facilitating the business, furnishing effective infrastructural utilities furnishing more credit, and all kinds of advantages to the traders.

A simplified one-window clearance system for traders might be implemented as part of the suggested national retail trade strategy, combined with the establishment of a centralized computerized inspection management system.

Confederation of All India Traders (CAIT), responding to the move, stated that the retail trade strategy will undoubtedly benefit the sector in expanding its operations as it will have clear guidelines and basics within which to operate.

According to CAIT Secretary General Praveen Khandelwal, the only sector of the economy that does not currently have a policy is the retail sector.

Similarly allowing the insurance scheme to the traders shall consider their effective contribution to the national exchequer.

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