As the GST completes two years in operation, India Inc on Sunday said it is time for the tax reform to leapfrog to its second phase by bringing electricity, oil & gas, real estate and alcohol under its ambit and converging the rate structure into 2-3 slabs.
“GST 2.0 will take the Indian economy to the next growth level,†CII President Vikram Kirloskar said. Batting for a single registration process pan-India, CII said building on the milestones of the past two years, it is time to implement GST 2.0.
“While we acknowledge that the teething troubles related to GST implementation may have been resolved, we now need to move forward to achieve the underlying objective of GST framework of creating a simplified indirect taxation system,†Ficci President Sandip Somany said.
The industry body claimed it is generally observed that when members of the Advance Ruling Authority are officers of state tax and central tax departments, they tend to be a revenue-bias while interpreting the provisions of the GST law and pronouncing a ruling.
