The Indian companies from all the sectors including consumer durables, real estate and automobile manufacturers are currently trying hard to get GST rate cut on their goods and services.
The consumer durable industry had said that the high 28 per cent GST rate must be reviewed. As per the official from a reputed consumer durable company, it said that even if the percentage point reduces up to 10 per cent, the prices will be reduced to 7 to 8 per cent.
Also, the Society of Indian Automobile Manufacturers (Siam) stated that the GST rate must be brought to 18 per cent from 28 per cent. Also, the additional cess of 1 to 2 per cent is levied.
The association told that in the upcoming years there will be only 3 to 5 per cent growth in the industry which requires an urgent need to reduce the GST rate on the vehicles.
On the other hand, the real estate sector is also under the influence of a higher GST rate and have said that almost 7 lakh units are unsold due to a higher GST rate.
Overall it has to be seen how the new government will act towards its own implied goods and services tax regime and how it will adjust the GST rates as per the demand of these industries.
