AIAI welcomes the introduction of Goods and Service Tax (GST)
Goods and Service Tax Bill introduced in Lok Sabha today by the Union Finance Minister Mr. Arun Jaitley is going to lead to growth in Indian business which will boost the country’s GDP and shall bring in the much needed simplification and borderless trade in taxation system says Mr. Vijay Kalantri, President, All India Association of Industries (AIAI).
AIAI however feels that when the bill takes the final shape and rules are framed, Industry and trade representatives should be consulted and the rate of GST should not exceed be not more than 15%.
Mr. Kalantri also feels that since the Swachh Bharat Cess is already levied on Service Tax there should be no other levy on GST.
AIAI feels that the intention of the Government is to see that trade grows and the taxation system is simplified, but rules should be transparent, rational and easy to be implemented to avoid unfair practices added Mr. Kalantri.