GST: In a consultative meeting, finance minister and industry representatives discussed indirect tax.
GST: Representatives of various industries on Tuesday requested Finance Minister Nirmala Sitharaman to reduce indirect taxes and simplify the tax structure to help the economy. The meeting with the finance minister and industry representatives lasted for about two hours. During the meeting, the delegates asked the government to ensure that their industries are addressed in the budget. GST: Advised to extend interest equalization scheme for another 5 years, the scheme is currently valid till June 30, suggested to finance minister. 2024. exists. Ashwini said it would be great if the interest equalization scheme could be extended for the next five years. In the last two years, the repo rate has increased from 4.4 percent to 6.5 percent, due to which the interest rate has increased. To help manufacturers in the MSME sector, consideration may be given to restoring discount rates to three to five percent. Ashwini Kumar also suggested that it would be good to have a reputable Indian shipping company to reduce dependence on foreign goods and save foreign exchange. Also Read: Spectrum auction: Telecom companies show interest in 4 spectrum bands to reconsider imports from China After the meeting, Reliance Industries' petrochemicals head Ajay Sardana said he has asked the government to stop importing products from China. Tariffs should be reviewed in the petrochemical industry. Sardana expressed concern over China's overcapacity and cheap prices at which goods are sold in India. He recommended a review of the tariff system to increase domestic production capacity. Meanwhile, Shree Cement Chairman HM Banker said the government should spend more on capital expenditure to make the cement industry profitable. GST: In a consultative meeting, finance minister and industry representatives 2 NASSCOM board vice-chairman and head of public policy for software companies Ashish Aggarwal are discussing easing the transition. Pricing rules for more and more businesses to take advantage of them. He also spoke about the need to reform the advance pricing contract system to facilitate business operations. 45 days payment period is a good step said Sandeep Engineer, Vice President, Gujarat Commerce and Industry, who raised voice for small and medium enterprises, but said 45 days payment period is a good step. Some changes in the time limit have been requested. He floated the idea of redefining MSME units and streamlining taxes for LLPs and HNIs in his interaction with the finance minister. Also Read: Sensex hits fresh highs again, Nifty also hits record.