Ficci chief bats for tax reforms

New president of the Federation of Indian Chambers of Commerce and Industry, R V Kanoria, on Thursday pushed for introduction of the goods and services tax and proposed amnesty scheme to bring back black money stashed abroad.

“GST will benefit the country with proper revenue collection, apart from helping the industry,” he said, pointing out that there was a need to make the stakeholders have a good understanding of good and services tax (GST).

The industry association has made it a priority to lobby for a consensus on GST between states and the Centre. Kanoria said the problem was political and could be resolved only at the political level.

On the issue of black money, he said “protection and anonymity” should be given to anyone who brings black money back to the country.

Ficci senior vice-president Naina Lal Kidwai said a regime of lower tax rates would become a reality once GST was introduced, resulting in improved revenue collections.