Finance Minister examining security industry's demand to cut GST rate : Minister
dailyhunt , Aug 06, 2018
The finance ministry has said that it will examine the private security industry's demand to cut GST rate from 18 per cent at present. Commenting on the issue, Minister of State for Finance Shiv Pratap Shukla told the media, "The government is fully conscious of the significant contribution of the private security industry in creating jobs for the poor, those that have migrated from the villages, and ex-servicemen." "We have received a FICCI representation on the issue and will do whatever is possible to reduce the 18 per cent GST levied on the industry," he said.
"There is a merit in the demand for reduction in GST rate to 5 per cent as this industry generates roughly 5 lakh job yearly," Rituraj Sinha, chairman of FICCI committee on private security industry, said. Such relief, he said, would also greatly benefit the small players who have to bear the burden of interest costs as they have to borrow to deposit GST in advance.
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