Five years of GST: Some biz adapted, some perished, as others thrived

This report from Howrah talks about how the mid-sized and smaller players lost ground

Till 2017 when GST was introduced, Abhishek Iron Foundry in Howrah, West Bengal, had a rainbow of customers, from small and medium to large but, post-July 1, many of the shades started to fade.

The biggest casualty of India’s widest reform in indirect tax, GST, were those operating in the twilight zone of the formal sector. Abhishek saw its small buyers’ segment that accounted for about 30 per cent of its business, quickly disappear.

The result: the foundry’s business dwindled and its contractual employee base has shrunk by about 70 per cent (Howrah’s foundry units mostly operate with contractual workers).  

“The smaller buyers