- CII proposed a simplified GST structure with three rates ahead of the 53rd GST Council meeting on June 22, 2024.
- CII President suggested revising the current GST rate list, which includes five slabs: 0%, 5%, 12%, 18%, and 28%.
- Recommended inclusion of petroleum products, electricity, and real estate under GST.
- New Union Petroleum and Natural Gas Minister, Hardeep Singh Puri, aims to bring petrol, diesel, and ATF under GST.
- CII President emphasized the need for consensus-building for next-generation reforms in state and concurrent domains.
- Proposed creation of inter-state institutional platforms similar to GST Councils and interventions in land, power, and logistics to reduce business costs.
- Suggested establishing a Green Fund in the upcoming Union Budget to tackle extreme weather challenges.
- Advised opposition parties to support the government’s economic growth policies.
- Outlined a 14-point agenda for the new government, focusing on capital expenditure-led growth and fiscal consolidation.
- Proposed using part of the RBI’s windfall dividend to increase capital expenditure.
- Stressed the importance of developing India’s human capital for inclusive growth and industry competitiveness.
- Highlighted the need for quality employment and livelihood generation to meet the aspirations of India’s youth.
- Suggested launching Employment Linked Incentive (ELI) schemes for labor-intensive sectors and addressing low female participation rates.
- Proposed setting up an International Mobility Authority to track overseas employment opportunities for Indian youth.
- Emphasized the need to improve the Ease of Doing Business to enhance the competitiveness of Indian industry.
- Suggested easing the regulatory and compliance burden, simplifying regulatory approvals, and strengthening alternate dispute redressal systems.
Source: a2ztaxcorp.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
