Scrap steel industry seeks ‘reverse charge mechanism’ in GST

The scrap steel industry, which sources its raw materials mostly from unorganised scrap dealers, has sought rationalisation in GST structure through a ‘reverse charge mechanism’ where the liability to pay tax would be on manufacturers. All India Induction Furnaces Association (AIIFA), a body of scrap steel manufacturers, on Thursday urged the GST Council to consider their demands for bringing the…