Industries breathe a sigh of relief
As India’s historical indirect tax regime march towards its implementation on July 1, the Finance Minister, Arun Jaitely announced, reduced tax rates in the case of 66 items following the representations made by the associations across various industries.
Mohan Gurnani, Chairman of CAMIT (Chamber of Associations of Maharashtra Industry and Trade) said, “It’s a celebratory move and we are pleased by the Council’s revision of taxes, thus putting rest to some of the major issues concerning the GST. We are contented and thankful to the Finance Minister, Arun Jaitely and Maharashtra Finance Minister, Sudhir Mungattiwar, for taking our concerns positively and thus, reducing rates on 11 items out of the 15 items presented. We are hopeful and sure that remaining items also will be considered on merit in the next meeting of GST Council of India’s meeting which is scheduled on 18th June 2017. “
The presentation was made by Mitesh Mody, General Secretary of All India Electronics Association, praying to reduce tax slab on CCTV Cameras, Recorders and Coaxial cables and certain Electronic Components from 28% to under 18%. The request to reduce the rate on winding wires was presented by Hemant Praikh – President of Bombay Metal Exchange (BME). Items such as weighing machines, printers, ball bearings, coaxial cables, static converters, CCTV Cameras, Recorders will now be taxed at 18%, under the reduced rate slab. A major reduction to 12% from 28% slab was announced on fixed diesel engines, two-way radio and corrective spectacles.
Last week, the delegation of CAMIT under the leadership of Chairman Mohan Gurnani and President Dipen Agarwal along with representatives from 27 Mahanagar Palikas on behalf of trade and industry from all over Maharashtra had met the Honourable Finance Minister, Maharashtra Shri Sudhir Mungattiwar and Shri Rajeev Jalota, Chief Commissioner, Sales Tax, to discuss concerns over revised taxation of certain goods and services under GST.