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The Tamil Nadu Chamber of Commerce and Industry yet again appealed to the Central government to simplify the Goods and Service Tax as it believes that is the cause of the sluggish economic growth.

In a press statement, Senior President S. Rethinavelu and President N. Jegatheesan suggested that the tax rates should be refixed at 5, 10, 15 and 18% only and that the 28% tax rate which was not in vogue in any other country, should be withdrawn.

“The maximum rate of GST for service should not exceed 15%,” they said.

They said that essential food products — both branded and unbranded — should be tax-exempted.

They said the HSN Code system, which comprises about 5,000 commodity groups, is divided into several chapters that are ambiguous about the GST rate of the product. The government should fix only one rate of tax for all the products covered in the chapters.

“Tax payers with annual turnover up to ₹ 5 crore should be exempted from filing annual returns and auditor’s certificate,” they said and added that the changes in tax provisions, rules and clarifications given should only be prospective and not retrospective.

“Non-availability of any Minister or authorised officials to directly discuss and submit their grievances and problems in GST continues to hamper development of trade, industry and service activities which led to economic crisis in the country,” they said.

The Chamber lauded Chief Minister Edappadi K. Palaniswami for attracting industrial investments by signing 41 Memoranda of Understanding. They said that this move would generate employment opportunities for 37,300 youth.

Published On : 13-09-2019

Source : The Hindu

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