The Indian Steel Association (ISA) has called for the rationalisation of Goods and Services Tax (GST) rates on some steel-making raw materials like scrap and by-products like slag. The ISA, which represents major steel mills such as JSW, SAIL, Tata Steel, and JSPL, has written to the Finance Ministry and the Steel Ministry, requesting a reduction in rates to 5%, down from the existing 18% in the two categories. The objective is to prevent tax evasion, litigation, and penal action and to reduce supply chain disruptions. The ISA argued that reducing the GST rate on steel scrap from 18% to 5% will help curb tax evasion.
Steel Mills Demand Rationalisation of GST Rates on Raw Materials and By-Products
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