Building equity using the integrity screen
On its silver jubilee, the men behind Quantum Advisors introspect on the value of investing.
The Indian Fan Manufacturers Association (IFMA) has urged the government to reduce the GST rate on fans from 18 per cent to 5 per cent.
The Association said that industry players intend to make fans an accessible commodity for everyone by increasing grassroots-level penetration, especially in rural India. “The industry is already aligned with the ‘Atmanirbhar Bharat’ mission, with almost 98 per cent ceiling fans being Made in India only,” it added.
The industry body pointed out that the pandemic outbreak has led to a challenging times for the industry as it has witnessed loss of 35 per cent loss in annual sales and loss of the peak sale period. “With the income levels shrinking and for certain deprived section reducing to nil, the current GST rate on fans might result in consumers avoiding making any purchases,” the IFMA statement added.
Atul Jain, Chairman, IFMA added that the current GST rate at 18 per cent is adversely impacting the industry as well as the entire supply chain, from distributors to end-consumers. “So, reduction in GST rate will make this common man’s product more easily accessible for commercial, industrial and home users,” he added.
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