Home Tax News Ludhiana based auto parts manufacturers seek reduction in GST from 28 to 12%

Ludhiana based auto parts manufacturers seek reduction in GST from 28 to 12%

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Ludhiana based auto parts manufacturers seek reduction in GST from 28 to 12%

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Ludhiana based auto parts manufacturers seek reduction in GST from 28 to 12%

Ludhiana, Apr 17 (KNN) The Ludhiana-based auto parts industry is urging the government to reduce the GST applicable on several items from 28 per cent to 12 per cent, reported TOI.

The auto parts manufacturers are of the view that the high rate is leading to blockage of their funds with the taxation department in the form of GST.

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Gurpargat Singh Kahlon, president, Auto Parts Manufacturers Association said, “Ever since 2017, growth of the auto parts manufacturing industry of Ludhiana has come to a standstill, for which a major reason is the high rate of 28 per cent GST on a lot of our products.”

“Due to this, a large amount of our money gets stuck with GST departments in the form of Input Tax Credit (ITC),” he said.

Kahlon added that they have sent a memorandum to the state finance minister Harpal Singh Cheema, urging him to raise the matter with the center and fix a common slab of 12 per cent for the auto parts industry.

Nitin Sharma, executive member of Auto Parts Manufacturers Association, said it would enhance government revenue. (KNN Bureau)

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