TNCCI safeguarding SME interests in GST implementation

In an attempt to safeguard the interests of SMEs in the state, the Tamil Nadu Chamber of Commerce and Industry (TNCCI) has urged the Centre to consult industry representatives and trade chambers before finalising the Good and Services Tax (GST).

“The Empowered Committee that has been appointed and which has representatives from all states should be allowed to decide taxes, concessions and exemptions for their respective states, instead of the Centre. Also, the combined GST – the Central GST and State GST – for goods and services should be 10%. We want to safeguard the interests of SMEs in TN by suggesting a low tax slab for the next financial year,” said TNCCI senior president S Rethinavelu to a Bizxchange correspondent.

The TNCCI also suggested constitution of a committee to monitor the implementation of the GST and tax concessions for SMEs in the agri-food industry.

According to Arihant Jain, owner of SP Granites, a small-sized unit in Madurai which manufactures and exports granite products, “The outcome of these discussions matter the most to small players like us because we are the tax payers. We are keeping a close eye on the developments and hoping that the tax rates are not hiked because it will affect us badly in the present domestic and global market scenario.”

Significantly, this development follows a disapproval of the GST by the Nag Vidarbha Chamber of Commerce and the Confederation of All India Traders recently.