Industry body PHD Chamber of Commerce and Industry has urged the GST Council for rationalising rates in its forthcoming meeting.
As per the industry body, the current rates are not in-sync with demand creation and employment generation in the country. “We urge the government to rationalise the GST rates into three major slabs of 5%, 10% and 15% along with a few ‘Sin Goods’ in the slab of 28%,” said PHD Chamber of Commerce and Industry President Pradeep Multani. Accordingly, the industry body said that items in category of 12% rate should be reduced to 10% and items in the category of 18% rate should be reduced to 15%.
“The items in 0 and 5% category should be kept as it is.” “There should not be more than 25 items in the category of ‘Sin Goods’ which is rated at 28%.”
According to Multani, the rationalisation of the tax slabs would create tremendous demand in the economy, subside the inflationary pressures, enhance the sentiments of producers for production and create employment opportunities.
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