Hyderabad, Sept. 7 -- While hailing the sweeping GST rate rationalisation as a "landmark step towards a simpler and more inclusive tax regime", the Federation of Telangana Chambers of Commerce and Industry (FTCCI) also raised its concerns on some key issues like the sharp GST hike on coal from 5 per cent to 18 per cent.
The sudden increase in GST on coal poses serious challenges for sectors like steel, cement, and aluminium, increasing energy costs and risking inflationary pressures, FTCCI President R. Ravi Kumar, Senior Vice President K.K. Maheshwari and vice-President Srinivas Garimella said in a joint press conference here.
They urged the Centre to rationalise the existing compensation cess on coal to offset the impact. Most of the man...