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Indian copper producers urge government to cut indirect tax to 5% from 18%
NEW DELHI: Indian copper producers have urged the government to reduce the indirect goods and services tax (GST) on copper products to 5% from 18%, arguing that the current rate locks up more than 490 billion rupees ($5.11 billion) in working capital. The petition by Bharat Metal Exchange (BME) and copper producers including Hindalco Industries, Vedanta Ltd, billionaire Gautam Adani’s Kutch Copper Ltd and Hindustan Copper was sent to the GST Council, chaired by the federal finance minister, on September 22. The letter was shared by BME with Reuters. “The current 18% GST rate immobilises critic...
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