CII Advocates Lower Income Tax Rates, Reduce GST on Consumer Durables ahead of Union Budget
CII – Advocates – Lower – Income – Tax – Rates – Reduce – GST – Consumer – Durables – Union – Budget – TAXSCAN
CII – Advocates – Lower – Income – Tax – Rates – Reduce – GST – Consumer – Durables – Union – Budget – TAXSCAN
While submitting the suggestions for the direct and indirect taxes, the industry body Confederation of Indian Industry (CII) urged the Government to slash income tax rates and reduce 28% GST on the consumer durables.
While this proposal may increase the amount of money in the hands of those who pay direct taxes on income, the other key proposal by, if accepted, could lead to a reduction in prices of commodities which attract high GST rates.
CII has suggested that the Union government should consider reducing the 28 per cent GST rate on select consumer durables.
Flagging the need to revive consumption demand in the economy, the CII has urged the government to reduce personal income tax rates to increase households’ spending power in Union Budget 2023-23, slash the 28% GST rate on some consumer durables, and engender job creation in the hinterland.
Seeking a status quo on corporate tax rates, the CII has said revving up private investments is critical as public capital spending is not enough to “energise growth” in the economy, even as it pitched for raising capital spending to 3.4% of GDP next year from 2.9% of GDP this year.
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