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Budget FY24 Expectations: Coir industry seeks relief from GST on ocean freight

Updated: Jan 10, 2023 12:02:48pm

Budget FY24 Expectations: Coir industry seeks relief from GST on ocean freight

New Delhi, Jan 10 (KNN) Indian Coir industry which is an important cottage industry has urged the government to address the Ocean freight GST in the upcoming budget as it is heavily affecting the small scale industry.

Speaking exclusively with KNN, an official at Galuku Exports based near Coimbatore which deals in the coir industry opined that the annual budget must include GST for land purchase for cooperate sector as capital.


“The government must give Coir products manufactures some tax benefits,” he said requesting the Coir Board to instruct the solutions for problems that the manufactures face.

The Coir industry has also called for the unification of Coir/Coconut board to one umbrella entity.

“India must start its own hydroponic Institutions to support and train farmers and we also need to find a solution for Coir Fibre direct uses in India, as 90 per cent is exported to China,” he said.

Further Netronics, a MSME based in Bengaluru, the IT hub of India said that Budget should allocate funds for the MSMEs who are paying the GST regularly by which government can know the financial discipline of each MSME and help them to grow.

“Export should be given special concern and Make in India should be promoted further,” said the firm.

Expressing the shortcoming of the FY23 budget, it suggested that for all MSMEs, banks should be able to give 50-100 per cent funds of their last turnover depending on their credit profile and no collateral at low rates or even lesser than home loan rates as MSMEs will help to generate more jobs and funds will be infused into the market at low risk.

“Those who pay correctly should be able to get same or better interest rates for next financial year, so every MSMEs will pay it correctly,” it said.  (KNN Bureau)


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