The CAIT has welcomed Prime Minister Narendra Modi's comment that the government wants to ensure that '99 per cent things' attract sub-18 per cent GST slab, saying it met the traders' expectations of simplification of the tax.
"The prime minister's statement has come at a time when the trading community is expecting more simplification of the GST," the Confederation of All India Traders (CAIT) said in a statement.
Almost one-and-a-half year has passed since the implementation of the GST, and now it is time to establish it as a settled taxation system, CAIT secretary Praveen Khandelwal said.
"The statement of the prime minister amply reflects that the government has understood the complications of the present tax structure and is willing to rectify and rationalise it in the larger interest of revenue," he said.
The CAIT has been demanding harmonisation of tax rates, asserting that it is all the more necessary that most of the items from 28 per cent tax slab be placed under lower tax category.
Khandelwal said the tax slab of 18 per cent also needs to be relooked as many items under it deserve to be placed under 12 per cent or lower tax slab.
(With inputs from agencies.)