FICO welcomes decision of reduction in GST in Bicycle bells and gongs from 18% to 12%

Ludhiana, October 4, 2017: In a meeting held under the chairmanship of Shri K K Seth chairman FICO and S. Gurmeet Singh Kular President FICO at Chairman's office, FICO thanks and welcome the decision of Finance Minister of India and GST Council regarding the reduction in GST rates of bicycle Bells, gongs etc HSN code 8306 from 18% to 12%.

It was unanimously passed to request the Finance Minister India and GST Council to reduce the GST rates of bicycle locks, pumps, tool bags, punchers etc to 12% only, as these all items are being used exclusively for manufacturing or for usage of bicycle only.
Further FICO has demanded the duty drawback which was 10% to 12% & is now @ 2%. The withdrawal of duty drawback has made the exports stagnant and it is the request of the industry that duty drawback or other incentives should be given to exporters to compensate the losses due to withdrawal of duty drawback to save and promote the Exports.
Amongst present were Sh. KK Seth Chairman FICO, S. Gurmeet Singh Kular President, S. Manjinder Singh Sachdeva General Secretary, Sh. Rajeev Jain Secretary, S. Satnam Singh Makkar propaganda Secretary, Shri Sanjay Gupta executive member FICO.