Paint industry expects over 10% growth after Goods and Services Tax rates reduction

KOLKATA, July 24: Indian paint industry is expecting over 10 per cent growth in sales in the current fiscal year, following the lowering of Goods and Services Tax (GST) rates by 10 per cent, which is expected to boost demand, an official said on Tuesday.

The GST Council has decided to lower the rate on paints by 10 per cent at its meeting on Saturday. “We expect a 10-15 per cent growth in sales in this fiscal, particularly, after the reduction of GST rates.

The lowering of tax rate is likely to push demand up,” Indian Paint Association’s Vice President Mahesh Anand said after attending the 55th Annual General Meeting. The benefits of lower tax rates should entirely be passed on to the consumers but raw material prices and other factors are also important in taking a decision on lowering the prices, he said. (IANS)