Friday, Mar 29 2024 | Time 13:29 Hrs(IST)
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Business Economy


IBMA urges Govt to reduce GST on Biscuit

New Delhi, Jan 16 (UNI) Biscuit manufacturers, especially in the SME sector on Tuesday urged the Government to lower GST rate on biscuit and related products which is at 18 per cent.
In a press conference, IBMA President BP Agarwal said that the current 18 per cent is high as it is a mass consumption food product.
He said that about 15 per cent sales have gone down post GST implementation. Consumers of biscuit belong predominantly to the poorer segment and will hurt the 2.5 crore employment created by the industry.
Mr Agarwal said that Association has written to all the finance ministers and also to the prime minister to place biscuits between 5–12 per cent slab. This is a labour oriented industry and mostly local workers get employment. Besides, other food products such as processed dry fruits, sweets, tea and juice have been kept at a 5 per cent bracket.
He said that the GST on biscuits must be between 5 per cent and 12 per cent as it is not a premium product and higher tax will lead to stagnation in growth of the industry.
He added that the Association has sent a letter to the finance ministers and also to the prime minister to place biscuits between 5-12 per cent slab.
UNI ADP SHK 1728
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