The Southern India Engineering Manufacturers' Association calls for GST reduction on pump sets from 18 Percentage to 12 Percentage in the upcoming Union Budget. The demand was made during the association's 71st annual general meeting in Coimbatore.
Coimbatore: The Southern India Engineering Manufacturers' Association (SIEMA) has urged the central government to reduce the Goods and Services Tax (GST) on pump sets from 18% to 12% in the upcoming Union Budget. This demand was put forth during the association's 71st annual general meeting held at their office on Race Course Road in Coimbatore.
The meeting saw the election of Mithun Ramdas as the new president of SIEMA. Discussions were held regarding the necessary demands of pump set manufacturing companies and how to present these to the central and state governments in the coming years.
Speaking to reporters after the meeting, SIEMA President Mithun Ramdas emphasized the need for GST reduction on pump sets. He stated, "The GST on pump sets should be reduced from 18% to 12%. Specifically, farmers have been significantly affected by the increase in GST on pump sets used for agriculture." Ramdas highlighted that this tax reduction would provide much-needed relief to the agricultural sector, which heavily relies on pump sets for irrigation and other farming activities.
The association hopes that their appeal will be considered in the forthcoming Union Budget, as it could potentially alleviate the financial burden on farmers and boost the agricultural sector. SIEMA plans to continue its advocacy efforts to support the pump set manufacturing industry and its associated stakeholders.
The meeting saw the election of Mithun Ramdas as the new president of SIEMA. Discussions were held regarding the necessary demands of pump set manufacturing companies and how to present these to the central and state governments in the coming years.
Speaking to reporters after the meeting, SIEMA President Mithun Ramdas emphasized the need for GST reduction on pump sets. He stated, "The GST on pump sets should be reduced from 18% to 12%. Specifically, farmers have been significantly affected by the increase in GST on pump sets used for agriculture." Ramdas highlighted that this tax reduction would provide much-needed relief to the agricultural sector, which heavily relies on pump sets for irrigation and other farming activities.
The association hopes that their appeal will be considered in the forthcoming Union Budget, as it could potentially alleviate the financial burden on farmers and boost the agricultural sector. SIEMA plans to continue its advocacy efforts to support the pump set manufacturing industry and its associated stakeholders.