Latest News – The decision of the Goods and Services Tax (GST) Council to tax paints at the highest slab of 28 per cent would not differ from the existing rate which was just above that, the paints industry has said.
“It is no loss, no gain situation for the paints industry. At the existing rate structure, taxes on paints come to just above 28 per cent,” newly-elected president of Indian Paint Association (IPA) Abhijit Roy said.
Roy, who is also the managing director of Berger Paints, said that what the government had done is to keep the rates effectively the same.
“Our expectation was that the GST rates will be fixed at the lower slab of 18 per cent since paints is required for protection against corrosion”, he told reporters in Kolkata on Wednesday.
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