Revised GST rate brings cheers to plastic industry
New Delhi: Plastics industry has welcomed the reduction in GST rates across the spectrum of products from 28 per cent to […]
Sarabjit Kaur November 14, 2017
MORE IN News
Groww gets RBI’s in-principle nod to operate as payments aggregator
Retail sectors surge as consumption reaches grassroots: CMS report
Ola cabs CEO steps down, company to layoff 10% workforce
Patanjali Foods gets show cause notice for GST dues
Generative AI to transform legal tech market with automation
New Delhi: Plastics industry has welcomed the reduction in GST rates across the spectrum of products from 28 per cent to 18 per cent, saying it will benefit end- consumers and would keep manufacturers competitive in the domestic market.The move would help in reduction of price on products such as plastics floorings, fabrics, furniture, vacuum flasks bath and sanitary fittings and many other miscellaneous plastics products, Plastindia Foundation, the apex body of the industry, said.The industry is one of the biggest beneficiaries of the GST rationalisation of GST slabs announced last week by the government, it added.“The removal of anomalies in GST rates on plastics items is a right step taken by the government. The pinch of 28 per cent was felt across the industry and manufacturers were finding it difficult to stay competitive,” said Plastindia Foundation President K K Seksaria.Plastic industry in India is largely dominated by SME manufacturers. It has 40,000 manufacturers and contributes approximately 8 per cent to GDP of India.