Reform GST to boost economic growth, commerce chamber tells union govt
MADURAI: The Agro Food Chamber of Commerce and Industries requested the union government to reform GST, to boost economic growth in the country.
In a statement, the chamber’s founder and president S Rethinavelu stated that GST collection in April 2024 surpassed Rs 2 lakh crore for the first time since its inception.
The chamber’s members opined that the increase in GST collection is attributable not just to the economic growth, consumption and compliance, but also to the higher rates of taxation as compared to the profit margins and heavy penalty and interest, on account of unintelligible and complicated provisions of the act and rules.
People have no other option but to pay these heavy indirect taxes, and the rise in tax collection is an indicator that it is time for remedial measures to rationalize tax rates and simplify compliance procedures.
