By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts Cookies Policy.
After Reports Of Likely GST Hike On 143 Items, Experts Urge Government To Maintain Status Quo
The PHD Chamber of Commerce and Industry urged the government to not change the GST rates as the country is already reeling under high inflation and after-effects of the Covid-19 pandemic.
New Delhi: In a latest development, the PHD Chamber of Commerce has urged the government to maintain the status quo in the GST rates as the country has not yet fully recovered from the bad effects of the Covid-19 pandemic. According to a press release by the body, Pradeep Multani, President, PHD Chamber of Commerce and Industry said, “Inflationary pressure is already impacting the price-cost margins of the producers and consumption scenario of consumers which suggest to maintain status quo in GST rates.”
According to Indian Express, the GST council is likely to hike the GST rates on 143 items of regular use including papad, gur (jaggery), power banks, watches, suitcases, handbags, perfumes/deodorants, colour TV sets (below 32 inches), chocolates, chewing gums, walnuts, custard powder, ceramic sinks, goggles etc. The government body, has most likely, sought the views of the states on this. Most of the items in the list will most likely be moved from the 18 per cent slab to the 28 per cent GST slab.
You may like to read
Geo-political stress owing to Russia Ukraine war
Multani also added, “Also, the Geo-political distress and its economic implications for the country such as rising energy prices…Going ahead, more and more simplification in the GST laws would go in a long way to further increase the GST collections in the coming times.”
India has been battling high inflation rates for a while now, the Wholesale Price Index (WPI) based inflation surged to 14.55 per cent in March 2022. On the other hand, retail inflation in March surged to 6.95 per cent, a 17-month high level.
For breaking news and live news updates, like us on Facebook or follow us on Twitter and Instagram. Read more on Latest Business News on India.com.