Retailer association of Indian community has given a consent that the upcoming GST rate must be close to the current rate of tax applied to the market. A statement from the association was that “The delegation emphasized the need to transition to Goods and Services Tax (GST) at rates as close as possible to the current effective rate of tax.”
The delegation was composed of some imminent group of the country including Future Group, Shoppers Stop, Tata Group, Aditya Birla Group and Landmark Group. The group also praised the break-up tax structure called out by the GST council and discussed various issues regarding the same.
As earlier, the GST council was not able to reach the final rate of tax to be applied but the Finance minister Arun Jaitley assured that “the council virtually converged on a consensus and the technical issues will be sorted out and a formal decision will be announced at the next meeting on November 3-4 and at least five rate structure options were presented.”
The statement of the delegation said that “In particular, the retailers welcomed the government’s proposal to keep all essential products like food, textiles, and apparel at rates ranging from 0-6 percent under GST.”
The delegation also mentioned some faults in the FDI policy and stated that the Indian retail sector has now invested a total amount of Rs. 40,000 crore which has generated around 400,000 jobs with annual sales crossing Rs. 100,000 crore. The basic demand of the delegation was to support the Indian originated business which can flourish into the global market.
