25.01.2024: Rubber industry seeks uniform GST rate

The All India Rubber Industries Association has sought uniform GST for rubber items and thermoplastic products for automotive parts.

In its budget demands submitted to the government, the Association said if the parts are made of thermaplastics, the rate is 18%, whereas if they are made of rubber, the rate is 28%. The GST should be brought down to a uniform 18%, the Association demanded.

Since natural rubber production does not meet domestic needs, there are imports. The government should look at duty concessions for import of natural rubber. There is an increase in import of rubber compound in the country. “The Association is of the view that any additional restrictions on imports of natural rubber in compounded form should not be imposed, as it will affect the rubber industry,” it said.

Source: The Hindu 

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