ASSOCHAM (Associated Chamber of Commerce and Industry of India) has asked for a 25 percent of tax in the GST implementation, while the plea was discussed with the centre and its board said that, “committed investment link tax incentive for specifies period should be grant fathered under GST for the un-expired period of committed incentives.”
While it has been said that during the first phase of the implementation of GST, the panel should not make any hard pressures over assesses and the applicable leaving possibility for any fraudulent cases, the chamber has suggested. All the valuations, of stop transfers and inter branch transaction should be included in the GST regime as asked by the board.
The suggestion was long listed and one of them included that, “corporate tax needs to be reduced to 25% to attract more investment in the country. The income tax rate for individuals to be reduced and threshold limit should be increased in view of the current situation prevailing in the country.”