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Thu, Sep 20, 2018 | Last Updated 4:00 am IST

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GST makes 5 lakhs unemployed!

GST makes 5 lakhs unemployed!
GST makes 5 lakhs unemployed!
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In the past one year, more than 49329 work establishments have been closed, leading to the unemployment of around 5,19,075 people in Tamilnadu, as per a recent report. The Micro and small scale industries have always played a pivotal role in the economy of Tamilnadu. 

 


These small scale industries were essential in the production and selling of goods like leather goods, readymade garments, plastic items electronic etc. Besides, the spare parts for bigger, large scale industries are also developed by small scale ones. These small scale industries export 40% goods. The GST was implemented last year's July, and due to this, 18% tax was imposed on small and micro industries. 

 GST makes 5 lakhs unemployed!

Due to the heavy increase in prices, the small industries are facing a tough time even to purchase raw materials. The loss of jobs of more than 5 lakhs people had been reported by the TN government. In 2007-08, there were more than 25000 small scale industries, with employment offers for more than 2,45,000 people. With the increased investment and the needs, the number of people employed increased to 18 lakhs. However, in 2017-18, with the closure of more than 50000 industries, lots of people have lost their jobs. With the introduction of GST, the investments had increased, following which, the jobs have drastically reduced.

GST makes 5 lakhs unemployed!

GST makes 5 lakhs unemployed!
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