India: Mandi Iron Scrap Welfare Association seeks GST cut with Punjab Govts backing

In a significant development, the Mandi Iron Scrap Welfare Association submitted a formal request to reduce GST on scrap from 18% to 5%. The Punjab Finance Minister supported the industry's demand and has forwarded the request letter to the GST Council in Delhi during todays meeting. Notably, Punjab's total steel scrap consumption stands at around 5 mnt annually.