Furnace Industry unhappy over GST snub in Punjab
In the 49th GST council meeting recently, the furnace industry is enraged over the GST council ignoring their demand of reducing the GST on scrap from 18% to 5%.
According to the businessmen, they had apprised the Union finance minister through the steel secretary that this issue will be discussed in the meeting, but nothing of this sort happened. Businessmen are also unhappy with the state finance minister for failing to raise this critical issue.
General Secretary of the Induction Furnace Association of North India, Dev Gupta said, “It is nothing less than a big setback for us. It has been more than a year now that we have been raising the issue of the high GST rate on scrap because of which the furnace industry is being hit very hard.”