Chennai : The Tamil Nadu Chamber of Commerce (TNCC) has sought abolition of the higher slab of 28% Goods and Services Tax (GST) under the new tax regime.
The TNCC suggested that the 28% slab must be applied only on sin or luxury items. In a press statement issued here, the Chamber said the highest tax levied should be restricted to 18% as it would improve compliance and augment tax collection.
In the pre-Budget memorandum send to the Union Finance Minister Nirmala Sitharaman, the TNCC suggested that “For other goods barring the exempted category, there should be only three other GST rates: 15%, 12% and 5% based on their necessity and need,” said senior president of the Chamber S. Rethinavelu. He said the Centre should take efforts to ensure that invoices were generated through a portal in Goods and Services Tax Network (GSTN).
“Currently, we are generating our own invoices and uploading them on GSTN. We have to dedicate manpower to ensure that invoices are properly uploaded and have no choice but to do it twice a month. We have no choice but to recruit an auditor,” he said.
Small business establishments, which could not afford to engage auditors, will eventually move away from business, he said.
Source : Taxscan
ALSO READ :