East Singhbhum: The tax and finance cell of Singhbhum Chamber of Commerce and Industry on Thursday welcomed the GST reforms announced by the Central Government. Chamber officials say that this initiative will make India's tax system more simple, transparent and public-friendly.
The Group of Ministers (GOM) has proposed to abolish the 12 and 28 percent slabs and implement two main rates of 5 and 18 percent. This will reduce the prices of goods and services and simplify the tax system. Also, it has been recommended to maintain a special rate of 40 percent on demerit goods like expensive cars and tobacco products, so that the revenue balance is maintained. Under another important proposal, it has been recommended to exclude health and life insurance premiums from GST, which will make insurance more accessible and increase the demand for this sector.
The Finance Minister has also described these reforms as a relief for the middle class, farmers and MSME sector. He says that these steps will give new impetus to economic activities. Chamber President Vijay Anand Moonka said that simplification of tax structure will strengthen the industries and increase transparency in the market. General Secretary Manav Kedia described the GST exemption on insurance premium and simplification of rates as beneficial for both consumers and businesses.
Vice President (Tax and Finance) Rajiv Agarwal called it a step helpful in normalizing the market and industrial expansion. Secretary Anshul Ringasia said that this change will ease business operations and the common people will get direct economic benefits.
Singhbhum Chamber of Commerce and Industry has said that it will continue to work to convey the needs of business and industry to the government and policy makers. These recommendations will be finalized and presented in the GST Council meeting to be held in September.
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