Auto Industry Proposes Reduction of GST rates from 28% to 18%
The year 2019 has been diminishing so far in terms of the profits gained by the automobiles industry. Several statements brace these downfalls as per an Apex auto Industry body the GST or the Goods and Services Tax is listed among them.
The Society of Indian Automobile Manufacturers (SIAM) has urged an immediate relief for the reduction in GST rates from 28% to 18%. The clarification came after the report of differences among the leaders of the industry on the time of the GST cut.
It has also been learned that the requirement of an immediate reduction in GST rates has been agreed unanimously amongst all the members of automobile manufacturers including two-wheeler original equipment manufacturer (OEMs).
The proposal was also conveyed at a recent meeting with Finance Minister Nirmala Sitharaman where all OEMs represented passenger vehicles, commercial vehicles, and two-wheelers.
Currently, the automobiles attract 28% GST with an additional cess of ranging from 1% to 22%.
Sarthak Moghe is a young, enthusiastic writer who loves modern technology and automobiles. After completing his graduation in Journalism and Mass-Communication, he stepped into the world of adulting as a content writer. When not busy on the keyboard, he likes to explore new topics and hone his sense of humour.