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Better compliance will bring down tax rates: Railway Minister
“Over a period of time tax rates will go down as levels of compliance go up,” said Union Railway Minister Suresh P Prabhu. He addressed representatives of various trade bodies about the Goods and Service Tax (GST) here on Monday. He also called GST a reform that the constitutional frames would not have imagined to be possible.
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Coimbatore
Attributing entrepreneurship as the growth factor of the country, he said that the new simplified taxation system has increased ease of doing business and that it will provide more jobs.
“Unless entrepreneurship happens India will not grow,” he said. He stated that contribution of tax to GDP is less. He said it will increase commendably with GST and it will in turn result in more spending on infrastructure and strengthening the economy by reducing debts.
Stating that the country’s growth rate is around 8 to 9 per cent per annum, he added that growth rate will go up more than how it was before. The minister and the Principal Chief Commission of GST, Chennai CP Rao also answered queries raised by the entrepreneurs and industrialists.
The event was jointly organized by the Coimbatore District Small Industries Association, Indian Chamber of Commerce and Industry, Coimbatore (ICCIC), Confederation of Indian Industry, The Indian Institute of Foundry Men and The Southern India Engineering Manufacturers Association.
The minister said that the GST Council is open to suggestions and queries. ICCIC president Vanitha Mohan said that they had made an appeal to the GST Council to iron out the wrinkles in GST and to give the industries a year’s time to fully get adapted to it.
She said that till then the Government should not impose penalties for unintentional lapses in filing various forms. The minister also took part in the inaugural of GST registration for small scale industries in GST at the party’s public service centre at Gandhipuram.
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