New 28% tax slab for IT hardware under GST needs to be reversed

By: |
Bengaluru | Published: June 7, 2017 8:20:41 AM

The Manufacturers Association of Information Technology (MAIT), the trade body representing the hardware industry in India, has said that the new tax slab of 28% for printers and monitors under the forthcoming GST regime needs to be reversed, and instead subjected to the current uniform rate of 18%

The industry body felt that under the new tax regime, it would only make hardware goods more expensive. (Reuters)

The Manufacturers Association of Information Technology (MAIT), the trade body representing the hardware industry in India, has said that the new tax slab of 28% for printers and monitors under the forthcoming GST regime needs to be reversed, and instead subjected to the current uniform rate of 18%. “The finance ministry immediately needs to clarify anomaly in tax slabs in printers, projectors and monitors. All of these items along with IT accessories such as data cables collectively should be taxed at 18% to make ‘Digital India’ successful,” said MAIT president Nitin Kunkolienker in a statement. The industry body felt that under the new tax regime, it would only make hardware goods more expensive.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Next Stories
1Government to issue rules on no-fly list for unruly passengers by June 20: Jayant Sinha
2GST anti-profiteering clause: Firms found guilty could be asked to deposit amount in consumer fund, says Hasmukh Adhia
3US job openings hit record high; skills mismatch rising