FICCI suggests growth plans

January 2021 \ Business & Investment \

FICCI suggests growth plans

As the Finance Ministry prepares for the upcoming ...

A benefit similar to section 10(23G) of the Act to incentivise investments in infrastructure may be provided in the upcoming budget, it added. It noted that measures to revive the growth cycle, creation of jobs are of paramount importance in the current scenario. On rationalization of GST slabs, it said that currently there are seven rate slabs for goods and five rate slabs for services. In addition, compensation cess applies on select goods. “Government should consider converging the existing band of GST rates to three in line with international standards. This will help resolve interpretation issues, reduce complexity and probability of disputes,” it said.