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The Tamil Nadu Chamber of Commerce and Industry has strongly objected the suggestion of the Chairman, of the Prime Minister's Economic Advisory Council (PMEAC), Dr C. Rangarajan, to bring excise duty and service tax back to pre-crisis levels.
In a statement here, Mr N. Jegatheesan, president, and Mr S. Rethinavelu, senior president, of the Chamber, said that the rates were brought down marginally when industrial production and economic growth decelerated considerably following the impact of the unprecedented international economic slowdown and financial crunch; trade and industry are hence perturbed by the recommendation of the PMEAC Chairman to the government to hike tax rates to the pre-crisis level.
They said the industrial sector is yet to fully reconcile with continued recession in the international context and contend with infrastructural and fiscal inadequacies. There is also a clamour for the early introduction of Goods and Services Tax (GST) in view of its long-term benefits. The delay has caused an immense tax burden on consumers because of the continued distortion of VAT rates by several States.
Citing various reports, they further pointed out that the government should opt for reduction of the rates or, if not possible, at least maintain the status quo.
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