The Federation of Telangana Chambers of Commerce and Industry (FTCCI) today hailed the GST rate rationalisation and termed it a landmark step towards a simpler and more inclusive tax regime.
Addressing the media in Hyderabad, FTCCI president R Ravi Kumar said the GST Council’s decision to merge the 12 per cent and 28 per cent categories marks a significant stride in the long-awaited structural changes in the tax system.
He said cost relief in key sectors like Cement is expected to stimulate growth in the construction sector. He also said the rationalisation boosts agriculture and manufacturing, besides enhancing the ease of doing business. He said the GST cuts on everyday essentials is expected to boost consumption.
While welcoming, the industry also raised concerns on key issues like keeping petroleum outside GST and a sharp GST hike on the Coal sector, among others.
FTCCI Hails GST Rate Rationalisation as Landmark Step, Cites Boost to Construction and Agriculture
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