Plastics Industry, dominated by SME manufacturers, has welcomed the reduction in GST rates across the spectrum of products from 28% to 18%.
Plastics products such as plastics floorings, fabrics, furniture, vacuum flasks bath and sanitary fittings and many other miscellaneous plastics products (not specified elsewhere) will be charged a GST of 18%.
The industry is happy with the removal of anomalies as it will benefit the end-consumers and also keep the manufacturers competitive in Indian market. The plastics industry is one of the biggest beneficiaries of the rationalization of GST rates announced by the government last week.
Explained K K Seksaria, President, Plastindia Foundation, “The removal of anomalies in GST rates on plastics items is a right step taken by the government. The pinch of 28% was felt across the industry and manufacturers were finding it difficult to stay competitive. We are thankful to the Prime Minister, Shri Narendra Modi, Finance Minister, Shri Arun Jaitley and the members of GST Council and all state finance ministers for this reduction. Indeed, continuous persuasion by industry leaders from Plastindia Foundation, its founder members and all stakeholders with political and bureaucracy leadership involved in the decision of GST rates has benefited the entire industry and common man.”
(Continued on the next page)