Vizianagaram trade bodies welcome GST reforms

The new Goods and Services Tax (GST) reforms were welcomed by the Chamber of Commerce-Vizianagaram president Kapuganti Prakash on Thursday. He said: “The new reforms will further spur economic activity in tier-2 and tier-3 cities like Vizianagaram. The implementation of the two slab GST structure and removal of tax on many consumer products will benefit common people and the society as well.

“The improvement in purchasing capacity of the people will lead to greater business activity. Improved money circulation will benefit all sections of society,” he added.

Confederation of Real Estate Developers Association of India (CREDAI) State vice president K. Subhash Chandra Bose said that reducing GST on cement from 28% to 18% would significantly benefit the construction industry. He added that many materials used in the construction industry would become available at reasonable rates spurring growth in the real estate sector.

Vizianagaram Balaji Market president Buddepu Venkata Rao urged the government to impose higher taxes on e-commerce portals since retail textile traders had been facing tough competition from them. “We welcome GST reforms such initiative is needed to support the textile markets. The sale of all dress materials through e-commerce portals has led to a drop in the business of showrooms. The government should come out with a policy for retail traders who pay different taxes apart from rents, electricity bills, and salaries to staff,” said Mr.Venkata Rao.