Thursday, Jul 18 2024 | Time 13:53 Hrs(IST)
Business Economy

Industrialist expecting relief on tax, reducing GST rates from govt

Pune, June 22 (UNI) Ahead of Union Budget, which will presented in July after the formation of a new BJP-led NDA government at the centre, Pune industrialists are expecting relief from tax and a reduction in the rates of GST.
In view of the upcoming budget, industrialists have started to put their demands before the government. The meeting of the Goods and Services Tax (GST) Council under the chairmanship of Finance Minister Nirmala Sitharaman is taking place at the national capital, Delhi, today, where discussion on simplifying GST and reducing rates in many sectors is possible, said Rajesh Agarwal, National President of the Agarwal Marwadi Chamber of Commerce, Industries, and Education (AMCCIE) here today.
This is the first meeting of the GST Council after the meeting held in October 2023, he said.
Mr. Agarwal said that in view of the high rate of inflation in the upcoming full budget 2024–25, the government needs to consider relief for people in the lowest slab of income tax. At the same time, the process of tax simplification should continue.
He further said that we are seeking a review of the 43B(H) Act, which has been imposed on registered traders of micro, medium, and small enterprises (MSMEs) since this year. It requires traders to pay for goods purchased within 45 days. But the traders are asking for 90 days for payment. The traders say that this affects the business. It should be easier for retail traders to have affordable interest rates so that multinational companies can compete with each other, said Agarwal.
Narendra Goyal, the vice president of AMCCIE, and Manish Tawarawala, the Maharashtra president, expressed their equal views and demanded from the government to reduce GST on cement, steel, and vehicles by 10 percent from 28 percent presently.
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