MSMEs in engineering sector demand GST reduction to 5% to boost industry, citing burden on job workers.
The Micro, Small, and Medium-scale Enterprises (MSMEs) in the engineering sector have demanded reduction of Goods and Services Tax (GST) to 5 %.
J. James, co-ordinator of the Federation of Coimbatore Industrial Associations that has over 20 associations as its members, said the entire engineering industry should be brought under 5% GST from the existing 18% to give a boost to the sector. The recent changes in GST rates have increased the rate for job works to 18% from 12%.
Union Minister Jitan Ram Manjhi pledges to coordinate efforts to reduce raw material prices for MSMEs in Coimbatore.
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