Marble Industry Gst

Granite and marble industry has sought review of gst rates on the sector as high taxes would impact its growth.

Marble industry gst.

When there was vat on marble then the taxation was 5 per cent. It is estimated that over 50 000 crore is invested in the marble industry in the state. But now everything is normal. So marble traders went on strike to reduce the gst rate from 28 to 5.

Since gst resume came then 28 per cent was imposed the tax was very heavy. Gst rate of 28 can kill this industry. Now with the gst on marble fixed at 28 from the current tax rate of 5 under the new indirect tax regime marble industry is sure to meet its end claimed traders who raised slogans during the. In a letter to finance minister arun jaitley jigani granite industries owners welfare association said the gst council has imposed 28 per cent tax on the granite polished slabs which is beyond the sustainable level of the industry.

New delhi jun 19 pti granite and marble industry has sought review of gst rates on the sector as high taxes would impact its growth. The owners of the marble factories tuesday closed down units in protest against the heavy general sales tax imposed by the federal government addressing a press conference at the rashakai. In a letter to finance minister arun jaitley jigani granite. Pointing out that gst council has proposed 12 percent gst on granite and marble raw blocks and 28 percent gst on finished products rao said that such high rates of gst will have a detrimental effect on demand and growth of granite and marble industry negative impact on trade and reducing the employment potentially leading to closing down of.

The marble industry is going through some of the very bad phases and had to lay off several employees to get rid of debts. According to the reports of the state department of mines and geology there is a huge 30 shortening of workers from the past years while the productions also got hit by 12 straight after the implementation of gst. The gst or goods and services tax council will examine the concerns of trade and industry regarding the rates and the new indirect tax regime will be implemented from july 1 union.