<p>Indian fan manufacturers on Thursday sought lower GST rate at 5 per cent on fans, saying the existing 18 per cent tax is "adversely" impacting the industry.</p>.<p>The lower GST (goods and services tax) slab would make the fans a promptly accessible commodity for everyone by increasing grass-root level penetration, exceptionally in rural India, the Indian Fan Manufacturers Association (IFMA) said in a statement after its virtual Annual General Meeting.</p>.<p>The fan industry lost around 35 per cent of its annual sales due to the outbreak of Covid-19 this year during the peak sale period, causing huge financial losses for fan companies, said the association.</p>.<p>"The current GST rate standing at 18 per cent is adversely impacting the industry as well as the entire supply chain, from distributors to end-consumers," said IFMA chairman Atul Jain.</p>.<p>With income levels shrinking, the current GST rate on fans might result in consumers avoiding making any purchases, the IFMA said.</p>.<p>"So, reduction in GST rate will make this common man’s product more easily accessible to all – common man, as well as commercial, industrial and home users," it said.</p>.<p>IFMA represents over 500 fan and component manufacturing entities, having a distribution network of more than 1.5 lakh retail outlets. </p>
<p>Indian fan manufacturers on Thursday sought lower GST rate at 5 per cent on fans, saying the existing 18 per cent tax is "adversely" impacting the industry.</p>.<p>The lower GST (goods and services tax) slab would make the fans a promptly accessible commodity for everyone by increasing grass-root level penetration, exceptionally in rural India, the Indian Fan Manufacturers Association (IFMA) said in a statement after its virtual Annual General Meeting.</p>.<p>The fan industry lost around 35 per cent of its annual sales due to the outbreak of Covid-19 this year during the peak sale period, causing huge financial losses for fan companies, said the association.</p>.<p>"The current GST rate standing at 18 per cent is adversely impacting the industry as well as the entire supply chain, from distributors to end-consumers," said IFMA chairman Atul Jain.</p>.<p>With income levels shrinking, the current GST rate on fans might result in consumers avoiding making any purchases, the IFMA said.</p>.<p>"So, reduction in GST rate will make this common man’s product more easily accessible to all – common man, as well as commercial, industrial and home users," it said.</p>.<p>IFMA represents over 500 fan and component manufacturing entities, having a distribution network of more than 1.5 lakh retail outlets. </p>