Electric Lamp and Component Manufacturers Association of India (ELCOMA) foresees “impressive growth” for the domestic lighting industry under GST, the new indirect taxation system that went online on July 1.
“The impressive scenario that will emerge after the implementation of GST is expected to speed up the growth trajectory of the country. With the expected rise in the government’s revenue figures, infrastructure development will also gain momentum, and thus the industries as well as consumers will be the immediate beneficiaries of the upcoming growth momentum. Hence investments across various sectors will also rise, benefitting the last mile delivery of products across industries, specifically lighting sector, of the economy,” said Rakesh Zutshi, president of ELCOMA in a press statement.
The GST Council has levied 12% and 28% tax rates on LED lighting and conventional lighting, respectively.