Punjab FM Harpal Cheema Seeks Lower GST on Iron Steel

By A Staff Reporter

Following the recent GST Council meeting in Delhi, Punjab Finance Minister Harpal Singh Cheema voiced his concerns over the high tax rate on iron and steel. Cheema highlighted that Punjab has been advocating for a reduction in the Goods and Services Tax (GST) on these materials, urging the council to lower the current 18% levy to 5%.

"Many issues were raised, including the issue of iron steel," said Cheema. "Our point was that 18% GST is too high, and we have requested that it be brought down to 5%."

However, Cheema expressed disappointment that their proposal was not immediately accepted and has been left pending for further discussion in the next GST Council meeting. He emphasized the significance of the issue for industries and businesses relying on iron and steel and reiterated Punjab’s commitment to push for the tax reduction.

The Finance Minister remains optimistic that the matter will be addressed in future deliberations, as the state continues to push for changes that would benefit the local economy.