Gandhinagar, Oct 14 (PTI) Assocham seeks from the center to draw industrial use CNG and LPG beneath the compliance of GST so as to make the cost of production low.
As these natural gases which are practised as fuel in various industries do not cover beneath GST at the current times, the entrepreneurs shall not be able to avail the ITC during its consumption commented Assocham president Vineet Agarwal.
Assocham is also making efforts to bring down petrol and diesel under GST to make sure that there is a regularity in the automobile fuel for the country.
“Assocham had already made a suggestion to the government to bring fuel under GST so that the overall tax structure comes down. If not petrol and diesel, the government can at least think of bringing CNG and LPG, which are used by factories, under the GST. This will enable the factory owners to claim input tax credit on it, specified the president of Assocham.”
“At present, one can claim the input tax credit on the consumption of such fuel. If we bring that under GST, the manufacturing cost will come down as the factory owners would get the input tax credit on the consumption of CNG and LPG” he commented.”
The Assocham delegation, headed by Agarwal, met Gujarat Chief Minister Bhupendra Patel prior to his communication within the media and discussed several glitches concerning the industries.
Post-meeting with the reports Agarwal commented that specific sectors like tourism and services were the sectors that get affected more because of Covid-19 but the economy of the country is in the phase of recovery and GDP (Gross Domestic Product) will touch 10% in this year, PTI PJT PD RSY MR.
