A day after the Goods and Services Tax (GST) Council decided to lower tax rates on 23 commonly used goods and services, President of PHD Chamber of Commerce and Industry, Rajeev Talwar has expressed need to bring petroleum products under the ambit of GST to rationalise the impact of indirect taxes by subsuming VAT (Value Added Tax) and excise duties in GST, amid volatility in the international crude oil prices.
Rajeev Talwar highlighted that continuous reforms in the policy environment would pave the way for higher, sustainable and strong economic growth trajectory going forward. Further he said that India would be a tax-compliant country in the next few years, on account of a realistic, pragmatic and prudent policy approach.
President of PHD Chamber hailed the GST Council's decision to reduce tax rates, noting that the move is a great relief for every segment of the society. Besides, Talwar said that the shift in items from higher tax slabs to lower tax slabs is the visible intent of the government to constantly reforming the taxation system to make it more and more simple.