India Inc recently cheered the GST Council’s decision to slash tax rates on 23 goods and services and said the move will push demand and boost the economy. The council reduced tax rates on goods and services including movie tickets, TV and monitor screens and power banks, and exempted frozen and preserved vegetables from the levy. The reduced rates are likely to come into effect from January 1, 2019, Finance Minister Arun Jaitley said reporters after the 31st meeting of the Goods and Services Tax (GST) Council here.
“At a time when stronger demand can speed up growth, the reduction in tax rates for items used by different sections of society can be expected to impart a necessary boost to the economy,” CII Director General Chandrajit Banerjee said. Rajeev Talwar, president, PHD Chamber of Commerce and Industry said consistent indirect tax revenue growth along with reduction in high GST rates indicate that tax base is widening and economic activity is expanding.
Source :- Dailyshippingtimes.com