Impact of GST Rates on the steel industry
The impact of GST rates on the steel industry is significant, with changes affecting pricing, taxes, and overall business operations. Previously, excise duty and VAT totaled approximately 17.5%, while under GST, iron and steel are taxed at a flat 18%. This shift has altered prices for various steel products, impacting consumers and manufacturers alike. However, GST has also brought benefits such as reduced logistics costs and job generation.
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