Post GST, cycle industry in Punjab pedals back to growth
Ludhiana district of Punjab is known for having a bulk of cycle manufacturing industries. For some time now, the industries had been suffering losses because of various reasons, but now with the biggest tax reform in India, post-Independence, the production has again picked up and increased by 50 percent. The demand could rise further. Singh said the concerns of manufacturers have been addressed in GST (Goods and Services Tax) to an extent. He said if they have to pay more tax on procuring raw materials compared to what they collect on the final product, the manufacturers could claim input tax credit from the government. The long-awaited GST has unified the $2 trillion economies and 1.3 billion people into one of the world's biggest common markets. It is being hailed as India's biggest tax overhaul since independence in 1947.