The furnace industry is enraged over the GST council ignoring their demand of reducing the GST on scrap from 18% to 5% in its 49th meeting held recently.

According to 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.

Dev Gupta, General Secretary of Induction Furnace Association of North India 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 high GST rate on scrap because of which furnace industry is being hit very hard.”