Economy

TN chamber welcomes GST Council’s decision to lower tax on commonly used goods

Our Bureau Coimbatore | Updated on July 24, 2018 Published on July 24, 2018

The Tamilnadu Chamber of Commerce and Industry has hailed the GST Council's decision to effect a downward revision in the tax rate from 28 to 18 per cent on commonly used goods and returns simplification. These measures would provide additional impetus to the growth of trade and industry and improve the ease of doing business, said S Rethinavelu, Senior President of the Chamber.

The Chamber, while welcoming the Council's decision, perceives that the further pruning of the list under the highest slab should be considered on items such as cement, automobile parts and equipment and tyres, thereby, restricting the highest slab of 28 per cent to super luxury and sin goods.

On simplification of returns filing, the Council made three recommendations. "This would benefit 93 per cent of tax payers with turnover of less than Rs 5 crore," he said.

Published on July 24, 2018
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