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  3. ICEMA slashes construction equipment growth rate for FY18 to 5%

ICEMA slashes construction equipment growth rate for FY18 to 5%

28 Jun 2017 Evaluate

Construction equipment industry body, Indian Construction Equipment Manufactures’ Association (ICEMA) has said that higher tax rate and cheaper imports under the Goods and Services Tax (GST) regime will affect sales and so has slashed the industry’s growth forecast for the current financial year to 5 per cent from 20 per cent. It said that the cheaper import of construction equipment will hurt domestic industry in the long run and there will be cash flow issues in the short term. Besides, ICEMA forecasted that sales of the industry likely to be affected by 10-15 per cent.

ICEMA further said that the allowance given by the government to take tax credit on imported construction equipment under the new tax regime, will lead to reduction in the landed cost and as a result imported construction equipment will become much cheaper and domestic manufacturers will struggle. The industry body hopes that the government will take a relook at the GST rate for the construction equipment industry keeping in mind the interest of domestic manufacturers.

As per ICEMA, under the new tax regime 80 per cent of construction equipment machinery has been put under 28 per cent tax slab, while the remaining will be taxed at 18 per cent. At present, around 50 per cent of the total construction equipment has a tax incidence of 15 per cent, while around 30 per cent has 18 per cent rate, and the remaining 20 per cent around 28 per cent.

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