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Bring petroleum, real restate under GST, urges Assocham
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SME Times News Bureau | 30 Jun, 2020
Industry body Assocham on Tuesday called for bringing petroleum
products and real estate under the ambit of the Goods and Services Tax
(GST).
According to Assocham's Secretary General Deepak Sood,
states must be brought on board for inclusion of petroleum products and
real estate under the GST.
Currently, the GST Council can take a decision on the issue.
"Assocham has been advocating coverage of the one-nation-one-tax to the petroleum products as also real estate," Sood said.
"States
must be brought on board, as such a move would help the country
immensely by boosting consumption demand and incentivizing investment in
the real estate sector."
Besides, he pointed out that as the
country heads towards a largely stabilised GST regime after three years
of its introduction, lockdown and concentration of pandemic cases in
major economic centres have thrown up new challenges.
"Major
economic hubs like Mumbai, Delhi, Chennai, Bengaluru, Hyderabad and
Ahmedabad are in the midst of a rising number of Covid-19 cases. Despite
unlocking the economy, several states are forced by the pandemic to
maintain restrictions, putting a double pressure on public health
emergencies and major or partial shutdowns of commercial activities,"
Sood said.
"This is exerting a huge financial pressure both on
the government and the businesses. Against a monthly collection of Rs
one lakh crore, the GST collection has been reduced to half that level."
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