Trade slaughter in Unza Market Yard from 1 September due to no clarification on TDS issue

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Ahmedabad / Unza, Ta. August 27, 2019, Tuesday

In the budget introduced at the beginning of July, Rs. With no clarification at the banks and government offices, regarding the provision of two per cent TDS on a cash transaction of Rs 1 crore, Unza Ganj market traders have decided to boycott the trade in the market yard until the issue is clarified from next September. It has also informed farmers and traders not to bring goods to Unza Yard through social media.

Apart from vague information about when the central government will implement the two percent TDS on a cash transaction of Rs 1 crore, there is still no information available to the banks.

In this regard, President of the Unza Market Yard Traders Association Jigneshbhai Patel convened a meeting of raw material traders. This decision was made after discussing this provision.

The Finance Minister has recently made provision for two per cent TDS on annual cash withdrawals of over one crore in the Budget recently introduced and will be implemented from September 1st. But in this regard, till now certain circular from the Reserve Bank or GR. Banks are not located above. Even a chartered accountant does not have solid information.

As there is no specification as to whether the above provisions will come into force from April 1st or September 1st of the current financial year, there is no confusion and confusion among the business class. Unless there is a specification, the decision to suspend the sale of farm produce has been announced by the traders.

Due to the principle of open auction, true balance and cash money in Unjha Market Yard, farmers from MP and Rajasthan, Uttar Pradesh also come for sale of agricultural goods in anticipation of receiving cash money.

Now, the government has put a stop to cash transactions in excess of one crore rupees, but as there is no implementation mechanism, the unemployed traders have declared unanimous decision to boycott the trade from September 1.

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