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Friday, 21 July 2017

Tractor Manufacturers Urging Government for GST rate cut to 18%

Tractor manufacturers who are disappointed over 28 per cent GST on majority of components have urged government to treat the industry at par with construction equipment, which comes in the slab of 18 percent bracket.

According to Tractor Manufacturers Association (TMA) The present levy is of 28 percent GST on parts and components of tractors but parts and components of construction equipment, which are close kin to tractors especially under 80 HP, will attract only 18 per cent GST.

Despite several representations both the sectors are similar when it comes to emission norms but different when it comes to GST.

Tractor manufacturers were also upset over transition provision on stocks held at depots and dealerships.

With hardly few days to go for GST regime, any delay in extending transition provision could increase tractor costs by Rs 30,000-34,000.

Urgent clarity on extension of transition provision is therefore also awaited to understand the tractor GST regime.

For tractors, the 12% is the output duty and 28% is the input duty so there are two kinds that could go on. If input duty gets lower there will be no concern at all & that representation has been made by the industry to the council and if they consider it’s going to be good. However, if the relief is not given at an input stage then also there is inverted duty which industry can claim as refund.

In an inverted duty structure; if the duty itself comes down then there is no need to claim refund. So the only small problems could be on the spare parts side.

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