- Foreign portfolio investors' exodus continues for 9th month; withdraw Rs 50,203 cr from equity market in June - know reasons
- Windfall tax to recoup most of Rs 1 lakh cr revenue lost in excise cuts, industry sources say
- D-Mart Q1 revenue jumps almost 2-fold to Rs 9,806.89 cr
- This Android malware switches off Wi-Fi and drain mobile wallet
- North Korea says US, South Korea-Japan agreement materialises US plan for 'Asian NATO'
Budget 2019 expectations: AC makers want GST reduction, regulatory system for B2B network
In terms of policies, white goods makers are anticipating a reduction in the GST rates, especially for air conditioning products, to boost the ACE sector.
In a bid to create better employment opportunities and rural growth through sales, logistics, services, and vendor network, air conditioner (AC) makers have asked the government to reduce the GST being levied on air conditioning products. They are also expecting a regulatory system that can monitor the B2B (Business to Business) network into the air conditioner and other white goods product.
Gurmeet Singh, Chairman & Managing Director, Johnson Controls-Hitachi Air Conditioning India Limited said, "In the interim budget, we saw some of the announcements meeting our expectations, this budget did address the middle-class housing needs and the farming community expected to have a trickle-down effect for the AC industry. Our expectations from the Budget are high. The ACE industry is looking forward to the continuation of steps taken for the indigenization of the industry with a focus on domestic manufacturing, creating better employment opportunities and rural growth. In addition to that, we expect the government to take further steps towards strengthening the bourgeoisie as well as MSME sectors. The MSME sector has a big role in our sales, logistics, services, and vendor network. Facilitation measures taken by the government for this sector will help in the growth of the electronics business. In terms of policies, we are anticipating a reduction in the GST rates, especially for air conditioning products, to boost the ACE sector. "
Standing in sync with Gurmeet Singh's views Amarjeet Singh, CEO at Intec — an OEM manufacturing company said, "We are expecting a regulatory system that can monitor the B2B network into the air conditioner and other white goods product. It will help Startups in the OEM manufacturing to sustain the market heat through which it has been going through in the last four to five years."
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.