The Confederation of All India Traders (CAIT) has welcome the reduction of GST tax rates on various items by GST Council today and said that it is a progressive step in rationalising and simplifying the tax structure. CAIT Secretary General Mr. Praveen Khandelwal said that reduction in GST tax rates will on one side will lower the cost of production of large number of items and on the other hand will make consumers more comfortable.
Mr. Khandelwal said that lowering of tax rates on construction items will further lower the cost of construction . It would ave been more better if tax rates of Cement is also reduced as Cement constitute a major component of construction cost. Announcing the formation of a composition scheme for small service suppliers is a good policy decision as it will relive the small suppliers from the clutches of tax complications.
The traders keenly await the new return filing system which is to be implemented from 1st April,2019 and hope that return will be required to be filed once in three months.