Industrialists Urge Standardized GST and Other Reforms in Meeting with Union Finance Minister

By: Admin
September 13, 2024
Categories: GST News | 4 Min Read

During a meeting with Union Finance Minister Nirmala Sitharaman, industrialists raised key concerns about inconsistent GST rates. The Tamil Nadu Hotels Association’s honorary president pointed out that the GST for food items varied widely. While sweets are taxed at 5% with input credit, food is taxed at the same rate without input credit, and savouries are taxed at 12%. He also noted the complexity of charging different GST rates on the same bill, highlighting that while buns have no GST, adding cream inside increases the tax to 18%. He called for the standardization of GST rates for all items.

Other demands included government support for rooftop solar panel installations in industries, with a request for subsidies starting at 5KW systems and a repayment period of 10 years.

Additionally, the Chairperson of CII Southern Region proposed the establishment of a Women Entrepreneur Hub (WE-Hub) in Coimbatore, modeled after Hyderabad’s successful initiative, to support women entrepreneurs with resources, mentorship, finance, and networking opportunities. She also advocated for a National Centre of Excellence in Coimbatore to harness the region’s potential in research and development, especially in technology and engineering.

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