49th Goods and Service Tax (GST) council meeting presided by Union Finance Minister Nirmala Sitharaman held on February 17th 2023. The furnace industry of Punjab demanded to reduce the GST rate on the scrap from 18% to 5%.
Businessmen had informed the Union finance minister that this topic would be covered in the meeting, but nothing of the sort occurred. The failure of the state finance minister to address this pressing issue has angered businesspeople as well.
According to the general secretary of the Induction Furnace Association of North India, they have indeed been flagging up the issue of the high GST rate on scrap for more than a year, and as a result, the furnace industry is suffering greatly.
The 49th GST council has not yet covered any pertinent topics that need to be covered. Nevertheless, they also address other areas, such as the GST that will be applied to court fees by courts and tribunals under the Reverse Charge Mechanism (RCM), the 5% GST rate for packaged rab and the 0% GST rate for loose rab..etc The GST Council also accepted two reports from the GST Tribunal and the GoM special composition plan for specific Industry, which is crucial.
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