Paint industry looks at 10%-plus growth in sales in the current fiscal
With GST rate coming down from 28% to 18%, the Indian paint industry is looking at 10%-plus growth in sales in the current fiscal.
“Since the reduced GST rate will push up demand, we expect a 10-15% growth in sales this fiscal,” said Mr Mahesh Anand, vice president, Indian Paint Association, at the 55th annual general meeting held in Kolkata on Tuesday.
“The benefits of lower tax rates should entirely be passed on to consumers, but the prices of raw materials and other factors are also important,” he said.
Mr Anand said the Indian paint industry had been adversely affected in June and July 2017 due to reduction in off take by dealers on account of uncertainties and lack of familiarity in GST implementation.