Madurai, April 27, 2017
Constitution of a ‘GST Trade Consultative Committee’ with representatives from various trade and industry bodies across states for lobbying with the GST Council is the need of the hour, said S Rethinavelu, Senior President, Tamil Nadu Chamber of Commerce and Industry.
Stressing that it would be vital to secure the views and suggestions of the trade and industry before finalising the tax rate under the GST regime, Rethinavelu has in a memorandum to the Union Minister of State for Finance Santosh Kumar Gangwar pointed out that it would go a long way in achieving the avowed purpose of GST and obviate tax evasion, harassment and corruption.
He emphasised the need for a separate definition for “agricultural produce” under GST to include all primary agro food products and processed food products.
For services, the GST rate may be brought down to 12 per cent from the present 15 per cent or at least retain it at 15. The Chamber has stressed the need for restoring the monetary limit for cash payments under Sec 40 A (3A) of the Income Tax Act to Rs.20,000 from Rs.10,000.
[The Hindu Business Line]