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Moradabad’s Brass Industry Disappointed with Budget 2020-The 21st China(Guangzhou) Die-casting, Foundry & Industry Furnace Exhibition
3/3/2020 Die-casting expo-foundry expo |
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Times of India reported that exporters at Moradabad’s renowned brass industry are disappointed with the Union Budget 2020 which has increased custom duty on imports. Association president Mr Avdhesh Agrawal said that “Until 1999, there was no tax on export. But now, we are paying 18% GST. Claiming that duty drawback is cumbersome process. We purchases raw material either from copper and brass industries or from local markets. We are ready to pay tax on metal purchased from industry, but our only demand is that there must be relaxation while buying raw material from furnaces running locally.”
Another exporter, Sarfaraz Akhtar, said that the buyers didn’t pay them money in advance and GST returns come after several months. He said “Earlier, our export was higher in multifold than local supply but today both are almost at par, which is not good for the industry. In local market, there are few customers for quality products. We used to get a decent amount of foreign orders for quality products. Today, we have very little working capital for doing business. If the government extends some incentives to our industry, only then we would be able to survive.”
Association patron Najam ul Islam told TOI, “It is not an encouraging Budget for us. Our only demand was to ease GST provisions as 18% of our working capital is stuck for several months. Besides, it would be nice if government continues 7% license incentive on export after March 31.”
The annual turnover of Moradabad brass industry is around INR 15,000 crore among which a large portion of INR 10,000 crore comes from export. According to Moradabad Handicraft Export Association, close to 3,500 exporters are running their units in the district and 5 lakh artisans are associated with it.
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