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Micro sector business associations, numbering 17, in Coimbatore have appealed to the authorities to intervene and rescue the engineering industry, manufacturers of pumps, motors and compressors, auto sector and job working units.
Stating that the constant hike in raw material prices tended to put the engineering goods manufacturers and exporters in the micro sector in a tight spot, representatives of the various associations met Union Minister of State for Finance Pon Radhakrishnan during his recent visit here and narrated their plight.
The members pointed out that the 30 to 40 per cent increase in the price of engineering raw materials had made the micro sector uncompetitive and unsustainable in the present scenario.
They appealed that the levy of penalties and prosecution for any violation of the Goods and Services Tax Act be deferred till 2019-20 fiscal.
They also highlighted the confusion over GST rates and the struggle in uploading the returns, besides the working capital crunch that many of the units faced due to delay in refund of tax amount.
GST exemption to companies having a turnover of up to ₹20 lakh is of no use as no corporate is willing to procure from such units, the source said.
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