Tuesday, Jul 16 2024 | Time 06:53 Hrs(IST)
image
Business Economy


FICCI welcomes GST rate reduction roadmap

FICCI welcomes GST rate reduction roadmap

New Delhi, Dec 23 (UNI) Industry body FICCI has welcomed GST Council's decision of reducing the GST rates on 23 items and taking the landmark reform to the next level by indicating that the 28 per cent bracket is already moving towards a sunset, a statement here stated on Sunday.

The council's meeting was held on Saturday.

With a reduction in the rates on more items in the offing in the next meeting of the GST Council next month and the indication that the remaining issues pertaining to GST application and administration will be resolved speedily, the tax reform is set to yield larger gains for the economy.

“The GST council has followed a pragmatic policy by bringing down the rates gradually taking into consideration the revenue realisation and affordability and this will stabilise and strengthen GST further. The Government has been proactively engaging with various sectors and I am confident that going forward the Council would continue to address issues,” said FICCI president Sandip Somany, said.

“FICCI applauds the decision of the GST Council in understanding the concerns of the industry and extending the due date for filing GST annual return and GST audit to June 30, 2019. This would provide a big relief to the businesses and strengthen compliance,” he added.

“Constitution of the Committee regarding extension of the composition scheme to small service providers for proposing rate of tax and threshold limit is also a step in the right direction.”

"Reduction in the rate of GST on movie tickets was a long pending FICCI’s recommendation and is very welcome and would benefit the film industry.

"The GST rate of 5 per cent prescribed on solar power generating plant and other renewable energy plants would put the litigation on rest surrounding this issue," he adds.

UNI DJK SB 1438

More News

Jio Financial net down 6 pc; Revenue marginally up in Q1

15 Jul 2024 | 8:06 PM

New Delhi, Jul 15 (UNI) Reliance Industries promoted Jio Financial Services on Monday announced a nearly 6 percent decline in its net profit at Rs 312.63 crore for the April-June quarter compared to Rs 331.92 crore in the same quarter of last fiscal.

see more..

Jio Financial net down 6 pc; Revenue marginally up in Q1

15 Jul 2024 | 8:03 PM

New Delhi, July 15 (UNI) Reliance Industries promoted Jio Financial Services on Monday announced nearly 6 per cent decline in its net profit at Rs 312.63 crore for the April-June quarter compared to Rs 331.92 crore in the same quarter of last fiscal.

see more..

‘Time to shift gears in manufacturing from volume to value’: R K Agrawal

15 Jul 2024 | 8:01 PM

Hyderabad, July 15 (UNI) R K Agrawal, President of the Bulk Drug Manufacturers Association of India (BDMA), emphasised the need for a strategic shift in manufacturing from volume to value, highlighting the critical role of the Council of Scientific and Industrial Research (CSIR) with its scientific capabilities and infrastructure in collaboration with the industry.

see more..

Suresh Kumar Singhal elected as new President of FTCCI

15 Jul 2024 | 7:40 PM

Hyderabad, July 15 (UNI) Suresh Kumar Singhal has been unanimously elected as President of the Federation of Telangana Chambers of Commerce and Industry (FTCCI) for the 2024–25 term.

see more..
Ashok Leyland bags single largest order of 2104 fully built buses from MSRTC

Ashok Leyland bags single largest order of 2104 fully built buses from MSRTC

15 Jul 2024 | 6:51 PM

Kolkata, July 15 (UNI) Ashok Leyland, the Indian flagship of the Hinduja Group and the country’s leading commercial vehicle manufacturer, on Monday announced that it has bagged single largest fully built bus order from the Maharashtra State Road Transport Corporation (MSRTC) for 2104 units of Viking passenger bus.

see more..
image