15 September 2024: Simplifying GST with a Single Tax Rate for Similar Products
The Need for a Unified Tax Rate
On 15 September 2024, the Agro Food Chamber of Commerce and Industry proposed that all similar products should be grouped under a single taxation rate. This move aims to simplify the implementation of the Goods and Services Tax (GST).
Call to Action from the Agro Food Chamber
In a recent press release, President S. Rethinavelu urged the Prime Minister to take action regarding the GST complications faced by various sectors. He emphasized that the Group of Ministers tasked with reviewing GST rates should consider a unified tax rate for products under a common Section of the Harmonised System of Nomenclature (H.S.N.) Code.
Concerns Raised by Industry Leaders
Highlighting real-world implications, Rethinavelu disclosed the incident involving D. Sreenivasan, a hotel owner who expressed concerns on the GST challenges during a meeting with Finance Minister Nirmala Sitharaman in Coimbatore. He indicated the need for uniform tax policies for related commodities, as similar issues plague various trades and industries.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.