The increase in GST for pumps from 12% to 18% had a major impact on the pump industry. We request the GST Council through the Finance Minister to bring the GST rate back to 12%, The Southern India Engineering Manufacturers’ Association (SIEMA) raised concern to Nirmala Sitharaman Union Finance Minister during her visit to Coimbatore on 11th September 2024.
SIEMA also raised concern to strictly implement the rule mandating Government agencies to purchase 25% from MSMEs and noted implementation of this law is essential for the survival of MSME pump manufacturers. The Association also requested that the pre-closure charges for MSMEs be exempted and the timeline for transfer or loan account or return of documents should be fixed.
They also asked the Finance minister to kindly consider the reduction of Tax on partnership firms equivalent to Pvt Ltd companies. And requested for Procurement from NSIC which could play a major role in helping MSMEs. Further, SIEMA requests to implement Section 45 B (H) for all business entities from 2025.
The Southern India Engineering Manufacturers’ Association asked for a Common Facility Centre (CFC) for Export Promotion that helps in exports.
