: CAIT pitches for reduction & simplification of GST #finance #StockMarketNEWS CAIT pitches for reduction & simplification of GST New Delhi, July 18 (KNN) The Confederation of All India Traders (CAIT)

CAIT pitches for reduction & simplification of GST #finance #StockMarketNEWS
CAIT pitches for reduction & simplification of GST New Delhi, July 18 (KNN) The Confederation of All India Traders (CAIT) on Sunday announced a nationwide agitation from July 26 demanding simplification of GST.

The traders body said that bringing unbranded food and other products under the GST tax would increase the compliance burden on the traders. Moreover, an increase in the rates of daily use items such as textiles and footwear will add to the inflationary pressure.

"The manner in which the Finance Ministers of all the states have distorted the basic nature of GST without consulting stakeholders, it is clear that the Council has no interest in simplifying the tax system and enlarging the scope of the tax net in a healthy manner," CAIT said in a statement.

As per reports, more than 50 thousand trade organisations in the country are set to participate in the nationwide strike.

According to the recommendations of the 47th GST council, tax exemptions have been withdrawn on items such as pre-packaged and pre-labelled items like curd, lassi, and buttermilk.

Also, capital goods used in petroleum and coal bed methane exploration will now be taxed at 12 percent instead of the previous 5 percent. The Council also decided to raise tax rates on items such as ink, knives, and pumps from 12 percent to 18 percent.

Other items, such as cut and polished diamonds, will be subject to 1.5 percent GST, up from 0.25 percent currently. (KNN Bureau)