India considers cutting GST rates
by ChemOrbis Editorial Team - content@chemorbis.com
According to media reports, the Indian government is planning to reevaluate its goods and services tax rates in the light of a shortfall in tax revenues.
India introduced the goods and services tax on July 1, 2017 as an indirect tax on manufacture, sale and consumption of goods as well as services.
However, traders operating in India voiced their concerns about the ongoing uncertainties regarding the issue as well as the higher tax rates imposed on certain goods and sought lower GST rates.
Accordingly, India increased GST on PVC and polymers from 5% to 18% on July 1, slumping trading activities after the implementation.
The government is currently seeking to reduce the taxes and boost consumption to increase consumer goods and the retail sector by revising the rates, the media reported.
India introduced the goods and services tax on July 1, 2017 as an indirect tax on manufacture, sale and consumption of goods as well as services.
However, traders operating in India voiced their concerns about the ongoing uncertainties regarding the issue as well as the higher tax rates imposed on certain goods and sought lower GST rates.
Accordingly, India increased GST on PVC and polymers from 5% to 18% on July 1, slumping trading activities after the implementation.
The government is currently seeking to reduce the taxes and boost consumption to increase consumer goods and the retail sector by revising the rates, the media reported.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- Turkey’s PP markets see upward corrections on resurgent demand
- China’s import PP, PE markets stable after weeks of declines; is the downturn over?
- Escalating shipping costs hinder polymer demand in China, SE Asia
- Conditions in place for oil rally to continue, but potential headwinds lie ahead
- Spot PE markets recede from all-time high in Europe
- Turkey’s PP market starts to stabilize, will other polymers follow suit?
- Asian ethylene and propylene slide into steeper backwardation on demand, oversupply
- China PP, PE markets on nearly 3-month losing streak amid scant demand
- June PP, PE prices drop further on weakened activities in Egypt
- Europe’s PS, ABS markets come off peaks on plunging costs
