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Tamil Nadu Chamber of Commerce and Industry has hailed the move by the State Government to extend support to the Centre in the implementation of the Goods and Services Tax (GST) in a manner that would not affect Tamil Nadu's revenue or compromise its fiscal autonomy.
Mr S. Rethinavelu, senior president of the chamber, in a statement said that the cascading price escalation of commodities owing to tax levy would be obviated under GST. He has suggested that the State Government should put forth suggestions to the Centre to enhance tax revenues to the State on a perpetual basis without impeding the power of the State Government. The lists on ‘essential goods' and ‘goods of necessity' should be prepared after getting the concurrence of the State Governments. If two types of GST were to be implemented — that of the Centre and the State — the tax rates then should be fixed in a manner that ensured higher revenues for the State Government. He has requested the Chief Minister to convene a meeting of trade bodies in the State to discuss the issues.
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