Ludhiana, January 2, 2018: Upkar Singh Ahuja, President, Chamber of Industrial and Commercial Undertakings (CICU) in a statement has appreciated and welcome the decision of the government of reducing the GST rate for the manufacturers, who are coming under composition scheme from 2% to 1% in composition scheme by notifying the same w.e.f 01.01.2018. He said that previously industry had to pay 1% as CGST and 1% SGST, which has been reduce to 0.50% as CGST and 0.50% as SGST as GST Rates under composition scheme for manufacturers under the relevant provisions of the GST Act.
He further said that this reduction in the GST rate will be helpful to the Micro and Small manufacturers who are facing number of other problems. He appreciated the decision taken by the Govt. for the reduction of the GST rate as well as the extension of date for filing the GST from 31.12.2017 to 10.01.2018.