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24/01/2023 05:32pm

Bicycle industry seeks reduction in GST to 5% in Union Budget

image Bicycle industry seeks reduction in GST to 5% in Union Budget

Ludhiana, Jan 24 (KNN) The Bicycle industry is urging the government to reduce the GST on bicycle to 5 per cent from the current 12 per cent in the Union Budget 2023-24.

Former president of United Cycle Parts Manufacturers Association (UCPMA) Charanjit Singh Vishkarma said there are 2-3 major issues, which should be addressed in the upcoming Budget.

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“The major threat is from China. Bicycle parts which are manufactured here should be banned from China. Secondly, the GST on bicycle should be reduced to 5 per cent instead of 12 per cent,” he said.

The Industry leaders claimed that the central and state governments have failed to address the issues of the Industry, a report in The Tribune pointed out.

Avtar Singh Bhogal from Bhogalsons said the greatest threat to the cycle industry is from China. “China is sending under-billed parts and products. Many of the small time dealers on Gill Road have the bill of Rs 1,300 per cycle whereas the gear-changer alone is priced at Rs 2,000.”

“We have submitted memorandums to the government and we hope that in the upcoming budget, steps will be taken to save the bicycle industry,” he said.

FICO general secretary Rajiv Jain said, “The government should provide special subsidies for MSMEs to promote Make in India products. The entire bicycle industry wants hike in import duty.”  (KNN Bureau)

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