The recently made president of Confederation of Indian Industry (CII) Rakesh Bharti Mittal came against the multiple numbers of tax slabs of GST and asked for rather rationalised tax slab structure.
He also demanded to cut down the corporate tax to 18 percent without any exemption along with the widening of tax base. He also said that “The outlook is robust and good for our economy. Rationalising GST is a moving target. We also need to widen the tax base.”
He also added that “This is based on strengthening demand in the rural economy, including agriculture and non-farm activities. There are some macro challenges like rising oil prices and protectionism but that would be compensated by improving industrial performance.”
Read Also: Goods and Services Tax Impact on Agriculture Sector in India
While the demand for cutting in corporate tax has been beefed up by the president, it is to be known that the central government has earlier reduced the corporate taxes of the companies with a turnover of 250 crores.
Uday Kotak in the meanwhile added that the goods and services tax has been very well introduced in the country and would definitely take the position of the national higher in every aspect of development.
