Monday, 29 May 2017

Higher GST on biodiesel to adversely impact industry

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Raising concerns over the implementation of the Goods and Services Tax (GST), the Biodiesel Association of India feels higher GST rates could adversely impact the sector. "High GST rate could shut the biodiesel industry, which is already reeling under the pressure of complex and varied taxation policies of the states.

Lack of clarity on the policy front has made it even more vulnerable for the industry players," the association said in a statement. The government wants to cut its crude import by 10 per cent, but the high incidence of tax on biodiesel will make it costlier than diesel and ultimately make it uncompetitive, the association said.

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