It is necessary to take advantage of GST deduction to customers, the industry will be damaged as a result of profitable: experts

Chennai, September 14 (IANS). The advantage of deducting goods and tax reforms (GST) is needed to transfer real customers, otherwise profitability can damage the entire industry. The expert gave the expert on Sunday. The Chartered Accountant TG Suresh said with the IANS news agency: “Businesses are expected to transfer the benefit of GST deduction to maintain customers. If its profits earn, it will harm the entire industry.” Suresh further said that the government in this budget announced to raise the income tax exemption limit to Rs 12 lakh, which will save more money in their hands than before. At the same time, GST improvement will reduce the prices of goods. The mix of these two will increase people’s ability to spend. In addition, these reforms will also provide the economy of the country to pursue faster and the country will remain the fastest growing economy in the world. Earlier, while addressing the people at the joint Conclave of Trade and Industries Association, Finance Minister Nirmala Sitaran said: “The government has reduced the number of tax pages under GST reform from four (5 percent, 12 percent, 12 percent and 28 percent) to two (5 percent and 18 percent).” The Minister of Finance further said: “When people believe the government imposes more taxes, Prime Minister Narendra Modi took steps to reduce the tax burden. The finance minister said the government reduced tax at 90 percent of the goods by 18 percent taxpage to 5 percent or zero. At the same time, the government reduced tax on 99 percent of the goods by 12 percent tax page to 5 percent. This will reduce the tax burden on people. -Ians ABS/ Share This Story Tags