ICCI for deferring imposition of reformed GST

ISLAMABAD, (Financial Updates): On the eve, when the country needs more and more resources for rehabilitations and reconstruction of the worst flood-hit areas, the Islamabad Chamber of Commerce & Industry (ICCI) has called upon the government to seriously consider deferring the imposition of Reformed General Sale regime, which could be helpful for revenue mobilization.

In a statement here on Wednesday, the president of the ICCI Zahid Maqbool said “inflation has already gone quite high making life tough for poor people and imposition of reformed GST will bring a new flood of price hike and inflation. People who are already struggling for survival due to destruction of floods will not be able to pull on with life”.

He urged the government to immediately defer the levying of reformed GST and start consultation with business community of the country for finding out more suitable and mutually agreeable options to improve tax revenue. The ICCI president said there is no doubt that the government needs more revenue to run the country. However, such measures should be avoided as would affect business activities, raise inflation and put the common man in more trouble.

Such a suggestion came from the ICCI on the time, when the government has huge task of rebuild and rehabilitate to more than half part of the country from zero level and rest of the country run with same pace like pre-flood condition. For that purpose the country needs more and more resources but the ICCI, which is forum of the traders and industrialists, want waiver from the taxes.