SME Times News Bureau | 24 Dec, 2018
Industry body FICCI on Sunday welcomed the reduction
of GST rates on 23 items by the GST council at its meeting held on Saturday.
The decision took the landmark reform to the next level by indicating
that the 28% bracket is already moving towards a sunset, it said.
"The GST council has
followed a pragmatic policy by bringing down the rates gradually taking into
consideration the revenue realisation and affordability and this will stabilise
and strengthen GST further. " said FICCI President Sandip Somany.
"FICCI applauds
the decision of the GST Council in understanding the concerns of the industry
and extending the due date for filing GST annual return and GST audit to June
30, 2019. This would provide a big relief to the businesses and strengthen
compliance," he added.
"Constitution of the
Committee regarding extension of the composition scheme to small service
providers for proposing rate of tax and threshold limit is also a step in the
right direction," he said.
