F&B sector moots restoration of input tax credit in union budget

ENA Sectors 2023-01-18 06:50:11 New Delhi, Jan 18 (KNN) Experts of the food and beverage (F&B) industry are expecting the government to announce reintroduction of input tax credit which would support the sector from the inflation-driven cost pressure. <a href="https://bit.ly/3B9mZSj"><img alt="FOLLOW US on GOOGLE NEWS" src="https://knnindia.co.in//uploads/gallery/GoogleNews.jpg" style="border-style:solid; border-width:1px; height:95px; margin:1px; width:299px" /></a> Ahead of the annual fiscal budget 2023-24, Rajat Agrawal, Chief Executive Officer at Barista Coffee Company pointed out that non-availability of input credit is the biggest loss for the F&B industry, reported Zee Business. Additionally the absence of it is having a bearing on the balance sheet of the company. Compared to other industries, F&B business stands at a distinct disadvantage, he said. Agrawal is of the opinion that I will also provide much needed push in the post pandemic world along with a support to the F&B business. Vinay Maheshwari, Founder & CEO, The Health Factory has also voiced similar concerns. Looking forward to changes in input tax credit and Special provisions for companies that are committed towards making healthier products under the Make in India initiative, Maheshwari said. It will give a tremendous boost to companies hit during the pandemic days who are slowly recovering from it, he added. (KNN Bureau) 31974 https://knnindia.co.in/news/newsdetails/sectors/fb-sector-moots-restoration-of-input-tax-credit-in-union-budget 2023-01-18 06:50:11 knnindia.co.in F&B sector moots restoration of input tax credit in union budget