All market yards advocate for a lack of clarity on TDS

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Unjha, Ta. August 28, 2019, Wednesday

The Ganj Dam Allan has announced its support today to traders in North Gujarat in the wake of a trade boycott given to them since September 1, in protest of two percent TDS from Unza Market Yard traders. Meanwhile, the traders of Saurashtra's six market yards called a meeting with immediate effect on Thursday, and positive feedback has come out to support their fight.

Despite the sluggishness of the trades in the current monsoon season in Unza Market Yard, the daily average daily tens of crores of business will be stalled due to the closure announcement from September 1st. Traders from around 3 to 5 market yards in north Gujarat today have expressed their support for the fight of Unza traders in the meeting held in protest against two per cent TDS on over one crore cash.

Atulbhai Emani, president of the Traders' Association of about five market yards in Saurashtra, also called for an immediate meeting on Thursday and Unjha's traders are discussing the fight and taking a positive stance. The meeting is likely to announce support for the fight.

Agricultural goods are being traded in about 5 market yards in Gujarat. Due to the TDS rule of two percent over the amount of over one crore, there is a possibility of business loss of Rs 1 crore daily if the market is closed due to opposition of market yard traders. After the sale of agricultural goods, most farmers demand payment in cash. Under these circumstances, it is feared that the load of two per cent TDS in addition to the commission of the traders will rise on the farmer.

However, in the context of a two per cent TDS deduction on cash, there is no cross-examination of the traders as there is ambiguity as to whether the amount will be calculated after the merger of a business with a bank or a merchant bank. Delegation of businessmen in this regard is preparing to communicate with the central government.


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