The Indo-American Business Chamber of SME in association with Lords Hotels & Resorts recently organised a comprehensive forum on Goods & Service Tax (GST) for the Small and Medium Enterprises (SMEs) at Hotel Sahara Star, Mumbai. The forum witnessed a number of entrepreneurs from various industries including manufacturing, real estate, hospitality and banking.
Shiv Pratap Shukla, Minister of State (MoS) for Finance, Government of India who was the chief guest for the evening addressed many concerns expressed by the attendees and clarified nuances around the latest GST resolutions announced last month. While applauding the Govt. and its revolutionary tax reform, P R Bansal, Chairman & Managing Director, Lords Hotels & Resorts, also raised a few concerns affecting the real estate and hospitality sectors. In his speech, he appealed to the Minister to consider the pleas and convey the concerns to the GST Council for deliberation.
“The reduction in GST rate for restaurant was made by the GST Council based on the feedback we received from people. We are happy that we not only reduced the GST rate from 18 per cent to 5 per cent but also made it uniform for all restaurants,” Shiv Pratap Shukla concluded.