CAIT PITCHES FOR GST RATES RATIONALISATION & REVIEW OF GST ACT & RULES

Report manpreet singh

Raipur chhattisgarh VISHESH CAIT National Vice President Amar Parwani, chairman Magelal Maloo , Amar Gidwani State President Jitendra Doshi , States Working President Vikram Singh Deo, Parmanand Jain , Vashu Makhija, state General secretary Suriender singh , State Working General secretary Bharat Jain, State Treasure Ajay Agrawal and state Midia Prabhari Sanjay Choubey informed The Confederation of All India Traders (CAIT) has appreciated the GST rates rationalisation exercise by the GST Council and it has urged Unikn Finance Minister Smt. Nirmala Sitharaman that along with rates rationalisation an exercise should also be made to review afresh the GST Acts & Rules which also needs greater simplification.

The CAIT has planned to meet finance ministers of all States to put forth its demand. The CAIT is holding a two days convention of Trade Leaders of the Country at Nagpur on 25-26 June, 2022 to draw a strategy of a national campaign on both GST and e commerce which will begin from 1st July. Nearly 100 prominent trade leaders of all States will have brain storming session at Nagpur during the two days convention . CAIT National Vice President Mr. Amar Parwani and State President Mr. Jitendra Doshi informed CAIT few days back met Finance Minuster Smt. Nirmala Sitharaman and stressed the need of widening of tax base of GST by simplification of GST Act and rules which will yield more revenue to both Central & State Governments. He also suggested for formation of a Joint GST Committee at every District of the Country comprising of senior tax officials of GST and trade leaders of the respective District. The committee be assigned the task of monitoring GST implementation and redressal of traders grievances and make all efforts to onboard more & more people under GST regime.

He also add that rate rationalisation of GST should be done after consulting stakeholders. He laid much stress on keeping textile & footwear under the tax slab of 5%. Mr. Amar Parwani & Mr. Doshi said that trading community of the Country is of the considered opinion that currently large number of items falls in wrong bracket of tax rate and therefore rates rationalisation will give an opportunity to recast the GST tax slabs and right item in right tax rate should be placed to avoid anomalies & disparities. Both Mr. Parwani & Mr. Doshi said that trade associations of the Country under the flag of CAIT have began deliberations on rates rationalisation. Though it’s a very preliminary stage but it is opined that exempted category should include only essential items and 5% tax slab should be made for raw materials or items used as integral part of any finished product and items related to Roti, Kapda aur Makaan including footwear.

The trading community is also of the view that 12% tax slab should be abolished and in place a new slab of 14% which is a revenue neutral rate of 12% & 18% should be carved out for items falling currently in 18% tax slab. High value items like gold, silver, it’s jewellery etc should be placed under 1% tax rate. The slab of 28% should be restricted to only sin items and rest of the items of 28% should be categorised under 14% tax slab. Both Mr. Parwani & Mr. Doshi said that for creation of a new tax slab in place of 5%, or any other new slab, a comprehensive opinion should be taken from all stakeholders as the matter directly related to trading community of the Country. They said that dictum “ lower the rate- higher the compliance “ should be adopted as a fundamental provision for deciding the parameters of rates rationalisation.ThanksSuriender singh State General secretary Mo. 7000147979

Leave a Reply

Your email address will not be published. Required fields are marked *

MATS UNIVERSITY

ADMISSION OPEN


This will close in 20 seconds