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FICO demands reduction in GST on steel to 12%

The Federation of Industrial and Commercial Organizations (FICO) demanded rationalisation of GST on iron and steel to 12 per cent. FICO sent a written memorandum to the Steel Ministry and GST Council, Government of India, seeking the reduction. Gurmeet Singh...

Tribune News Service

Ludhiana, Updated At : 10:41 AM Oct 30, 2024 IST

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The Federation of Industrial and Commercial Organizations (FICO) demanded rationalisation of GST on iron and steel to 12 per cent. FICO sent a written memorandum to the Steel Ministry and GST Council, Government of India, seeking the reduction.

Gurmeet Singh Kular, president, FICO; Manjinder Singh Sachdeva, general secretary, and Harpal Singh Bhamber, Head Bicycle Division, said iron and steel used as raw materials for manufacturing cycle parts were already taxed at 18%, while bicycle parts incurred a 12% GST. This results in a significant 6% tax differential leading manufacturers to seek refunds.

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