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Now Reading: AP Chambers Backs Two-Slab GST System, Cites Easier Compliance
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AP Chambers Backs Two-Slab GST System, Cites Easier Compliance
Rapid Summary
- The AP Chambers of Commerce and Industry Federation (AP Chambers) has expressed support for the Central government’s proposal to move towards a two-slab GST structure.
- AP Chambers president Potluri Bhaskara Rao called it a notable reform aimed at simplification, transparency, and efficiency in taxation.
- He highlighted that fewer GST slabs would reduce compliance burdens,lower operational costs,address classification disputes,and improve revenue predictability.
- This reform is seen as critical for the MSME sector facing challenges like rising input costs and regulatory complexities.
- Mr. Bhaskara Rao further urged the Central government to place essential sectors such as food processing,textiles,handicrafts,and rural industries under the 5% GST slab to promote employment and affordability while supporting rural advancement.
- A simplified tax structure wiht sector-specific considerations is projected to strengthen small businesses and contribute to economic balance.
Indian Opinion Analysis
the move towards a two-slab GST structure signifies an important step toward reforming India’s complex tax system. While this proposal aims to streamline compliance for taxpayers across different sectors of the economy-particularly smes-the key test will be careful execution that ensures fairness while addressing revenue concerns for the government. As suggested by AP Chambers president Potluri Bhaskara Rao, placing critical industries such as textiles or food processing under lower tax slabs could have far-reaching benefits in terms of fostering jobs and improving affordability in rural areas. The proposal aligns with creating a pro-MSME environment but will also require sustained effort in ironing out administrative challenges during implementation.
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