FICCI congratulates Modi government on 2nd anniversary of GST, calls it landmark taxation reform
Federation of Indian Chambers of Commerce & Industry (FICCI) congratulated the government on the second anniversary of the Goods and Service Tax (GST).
Federation of Indian Chambers of Commerce & Industry (FICCI) congratulated the government on the second anniversary of the Goods and Service Tax (GST). Sandip Somany, President of FICCI referred the GST as the landmark taxation reform in Indian history and praised efforts of GST council and tax administrators in last two years to bringing simplification, rationalization of rate and broadening the base under GST regime.
The President of FICCI also acknowledged the efforts of government to resolve the teething problems in GST but asked them to move forward to undertake next level reforms in the GST framework. He further added some suggestions for the third year of GST, some of them are:
- He mentioned 'one nation one tax' as the most critical action for GST by including all sectors under the scope of GST.
- He asked GST council to consider convergence of the existing band of GST rates to three in line with international standards which will help to resolve interpretation issues of classification of goods.
- FICCI felt the need to consider 'Zero GST Rating' for healthcare sector.
- Also, he felt the need to have centralized GST registration to resolve the compliance burden for services sector.
- He asked the government to discontinue the provision of anti-profiteering in the GST law.
- FICCI suggested to provide an opportunity to the stakeholders at least twice a year to present their views to justify the rate rationalization and policy changes required under GST laws.
- He recommended constituting an independent high-level Central body as ‘Authority of Advance Ruling’ under the GST.
“We have full confidence that the Government will as always take industry’s concerns into consideration and take appropriate and timely action to address the remaining challenges,” Somany added.