New Delhi: Shri Pradeep Multani, President, PHD Chamber of Commerce and Industry urge the GST Council for rationalizing of the GST rates in the forthcoming GST Council meeting.
Current GST rates are not in sync with the demand creation and employment generation in the country. We urge the government to rationalize the GST rates into three major slabs of 5%, 10% & 15% along with a few sin goods in the slab of 28%, said Mr.Pradeep Multani, in a press statement issued here today.
Items in category of 12% rate should be reduced to 10% and items in the category of 18% rate should be reduced to 15%, Said Mr. Multani.
The items in 0 and 5% category should be kept as it is, said Mr. Multani. There should not be more than 25 items in the category of Sin Goods which is rated @28%, he said
The rationalization of the tax slabs would create tremendous demand in the economy, subside the inflationary pressures and enhance the sentiments of producers for production and create employment opportunities for the growing workforce in the country, said Mr. Multani.
The lower taxes are always good to enhance the tax base and tax to GDP ratio said, Mr. Pradeep Multani.
Going ahead, a level playing field for industry would be crucial for the promotion of ease of doing business in the country, said by Mr. Multani.
Enhanced ease of doing business, reduced costs of doing business, rationalization of taxes, along with lesser compliance costs would go a long way to enhance the capacity building and to become ‘ Atma Nirbhar’ in the coming times, said Mr. Pradeep Multani.