ICEMA, CII hail GST rate cut at Excon 2017

    CII hail GST rate cut at Excon 2017
    The reduction of GST on construction equipment to 18 from 28 per cent earlier has helped boost sales of construction equipment as the reduction leading to lower prices and this in turn will give a fillip to renting and leasing options, a report released at the CII's construction equipment expo – Excon 2017, said. The report, 'Building India@75', has been prepared by Feedback for the Indian Construction Equipment Manufacturers Association (ICEMA) and the Confederation of Indian Industry (CII). Initially, under the 28 per cent category, the ICE industry felt it was higher than the pre-GST levels that ranged from 14.75 per cent upwards. The government, responding to industry demands, revised it in November, it said. GST has helped in smoother inter-State movement of construction equipment and contractors have begun to look at opportunities outside their home States. The rental and leasing business account for about a third of the annual sale, while the organized players are expected to gain. The report said the industry is worried about low private investment, export growth and its impact on current account deficit as areas of concern. Fortunately, the concern on rising oil prices has been allayed for now though it remains an area of concern going forward. The construction equipment industry has begun to see resurgence in equipment buying mainly driven by the legacy clean-up of stalled government orders. The report said resurgence in buying in construction equipment industry has touched a high of about $5.8 billion, including spares and exports, in fiscal 2016-17. The PPP renegotiations, adoption of hybrid annuity model (HAM) which saw many stalled orders being revived, led to a spurt in purchase of equipment, the report added.
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