GST Council may take up proposal for cutting rate on steel scrap to 5%

The GST rate on other kinds of scrap such as plastic, rubber, and wood has already been reduced from 18% to 5%

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Goods and Services Tax | GST | steel scrap

Dilasha Seth  |  New Delhi Last Updated at September 11, 2021 06:02 IST

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The Goods and Services Tax (GST) Council may consider reducing the tax rate on steel scrap from the current 18 per cent at its upcoming meeting, which will be held in Lucknow next week. This comes after steel manufacturers faced enforcement action, including the blocking of input tax credit and supply-side disruption, because of fake invoicing by scrap dealers.

Himachal Pradesh Chief Minister Jai Ram Thakur and Punjab Finance Minister Manpreet Singh Badal have also written letters to Union Finance Minister Nirmala Sitharaman flagging this issue. They have recommended a reduction in ...