The Confederation of Indian Industry (CII) Sunday urged the government to speedily implement the Goods and Services Tax (GST) Bill tabled in the Lok Sabha, allowing industry participation in the discussions on the proposed indirect tax regime.
"CII hopes that GST would be implemented at the earliest keeping in mind that it should subsume all taxes, be applicable to all products and services, and involve a reasonable Revenue Neutral Rate (RNR)," the chamber said in a statement.
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"While we understand the imperative to garner fiscal resources, CII feels that demand is still fragile. Moreover, the manufacturing sector continues to be vulnerable," said Chandrajit Banerjee, director general, CII.
"Under these circumstances, it would be prudent to allow excise duties to remain at current 12 percent," he added.
"On central sales tax, CII has requested for reduction in rate from 2 percent to 1 percent in view of delay in implementation of GST," it added.
With last month's rate cut by the Reserve Bank, industry is looking at the budget session of parliament for progress on the proposed GST Bill that would absorb most central, state and local levies by April 2016.