GST: Karnataka industry pegs loss at Rs 100 crore

    BENGALURU: The Karnataka industry has lost at least Rs 100 crore because of the Bharat Bandh called by various trade unions and Left-leaning organisations on Wednesday.

    President of the Federation of Karnataka Chamber of Commerce and Industry (FKCCI), C.R. Janardhana, said that normally when there is a bandh or a protest for a single day, the industry suffers a loss of Rs 100 crore that cannot be recovered.

    “Trade is a very good contributor to GST and a conservative estimate puts the loss at Rs 100 crore. For instance, power consumption by industries goes down and Bescom suffers a loss and procurement of raw materials takes a beating which ultimately results in GST loss,” Janardhana said.

    However, there was no loss to public property which could have added to the losses.

    Employees of several industries, factories and garment factories stayed away from work.  

    Although transport services were normal across the city, the sector suffered a loss as several people chose to stay at home.

    Source- Deccan Chronicle.

The post GST: Karnataka industry pegs loss at Rs 100 crore appeared first on GST Station.

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