Coimbatore, Nov 11: Subsequent to the announcement made by the GST Council on reduction of tax rates on 178 items, several trade bodies and establishments have been recording their appreciation.
The Indian Chamber of Commerce and Industry (ICCI) Coimbatore, on behalf of trade, industry and service sectors of this region, has welcomed the 'pragmatic' decision by the GST Council to reduce tax rates on 178 items of mass consumption and extension of tax filing timelines.
"These initiatives will certainly address the problems of trade and industry, particularly small and medium segments and will also lead to a surge in consumer demand thereby reviving the businesses", a release said.
"However, expectations for rationalization of chapter-wise rates fixation has not been fulfilled. Reduction in rate for cement was not considered", it pointed out.
The statement also highlights a specific list of items among the 178 items which typically benefits the various trade, industrial bodies and ultimately the people.
The Indian Chamber of Commerce and Industry (ICCI) Coimbatore, on behalf of trade, industry and service sectors of this region, has welcomed the 'pragmatic' decision by the GST Council to reduce tax rates on 178 items of mass consumption and extension of tax filing timelines.
"These initiatives will certainly address the problems of trade and industry, particularly small and medium segments and will also lead to a surge in consumer demand thereby reviving the businesses", a release said.
"However, expectations for rationalization of chapter-wise rates fixation has not been fulfilled. Reduction in rate for cement was not considered", it pointed out.
The statement also highlights a specific list of items among the 178 items which typically benefits the various trade, industrial bodies and ultimately the people.
- Reduction in rates for wet-grinders
- Electrical items
- Furniture
- Pumps, Compressors
- Marbles, granite, tiles
- Weighing machines
- Printing ink, restaurants etc.
- Filing of only one return in GSTR 3B up to March 2018
- Time extension for composition dealers
- Reduction in penalties
- Manual filing for advance ruling will solve future disputes