Federation of Indian Chambers of Commerce and Industry (FICCI), has announced that Prime Minister Narendra Modi will inaugurate and address the Annual General Meeting (AGM) which is scheduled the next month.
The official website of FICCI quotes “The 90th Annual General Meeting (AGM) of FICCI will be held on December 13-14, 2017 in New Delhi. The AGM will be inaugurated by Shri Narendra Modi, the Hon'ble Prime Minister of India.”
FICCI is planning different Sessions with key Cabinet Ministers, Captains of Industry and Opposition Members. Finance Ministers from few States are also expected in a Special Session on GST.
It would be the first General Meeting of FICCI after GST project came live in July this year. Following that, The Goods and Services Tax (GST) regime would get special focus at the meeting.
PM Modi has been encouraging the industries for more investment and economic growth, but the economic growth remained sluggish. It would be the first time for Mr. Modi to attend an industry body meeting ever since he became the Prime Minister in 2014. Moreover, the GST has drawn a lot of criticism from the industry. The small and medium scale industries struggle to cope up with the modifications in the tax regime which is stated to be implemented in hurry.
The GST has been undergoing amendments ever since it was first flagged. Lately, the modifications in GST has dropped the number of item from the top tax slab of 18%. GST rate was reduced on 178 items, including detergents, shampoos and beauty products, from 28 percent to 18 percent from 15th of November. Many products also witnessed the drop from the earlier 18 % to 12 % tax slab. Food and edibles like cocoa, chocolate, non alcoholic beverages and wafers was shifted from the earlier 28% to 18%. This has been the most rate cut than other food items by 10 percent.
Diabetic food has shifted itself from 18% to 12 % tax slab. Other food items like refined sugar, condensed milk, pasta and curry pasta has also been moved to 12% tax bracket. Handicrafts furniture made of bamboo or crane, knitted hats , jute and cotton handbags are also included in this list. Food such as dried vegetables and sweet potato , died or froze fish and coconut shells has attracted nil taxes from earlier 5%.