Plastics Industry applauds GST rate reduction

The plastics industry has applauded the reduction in GST rates across the spectrum of products from 28 percent to 18 percent, saying it will benefit end- consumers and would keep manufacturers competitive in the domestic market.

The move would help in reduction of price on products such as plastics floorings, fabrics, furniture, vacuum flasks bath and sanitary fittings and many other miscellaneous plastics products, Plastindia Foundation, the apex body of the industry, said.

The industry is one of the biggest beneficiaries of the GST rationalisation of GST slabs announced recently by the government, it added.