Auto companies becoming victims of the recession, expecting from the government to cut this tax

Aug 10 2019 02:42 PM
Auto companies becoming victims of the recession, expecting from the government to cut this tax

Auto companies are making all-out efforts to overcome the recession. The auto companies' organization SIAM has demanded the government to immediately reduce the GST rates on vehicles. At present, the GST rates on vehicles are 28 percent. Siam says the tax should be reduced from 28 percent to 18 percent. Among those seeking this include the Original Equipment Manufacturers of Bikes (OEMs) besides the vehicles manufacturers.

In his statement, SIAM Chairman Rajan Vadera said that the issue was reiterated in a recent meeting with the Finance Minister. The meeting also included passenger vehicles, commercial vehicles and two-wheeler original equipment makers (OEMs), SIAM said in a meeting with the Finance Minister earlier this week that Hero Motor Corp Chairman Pawan Munjal had also insisted on reducing GST rates immediately. The statement came at a time when there were reports of differences among the sector's top companies over the GST rate cut. At present, vehicles are subject to a cess ranging from 1 per cent to 22 per cent, apart from 28 per cent GST.

Earlier, in a meeting with the Finance Minister on August 7, representatives of the auto sector held detailed discussions on the declining sales in the auto sector. The demand for the auto sector was to reduce GST from 28 per cent and also on hybrid vehicles to reduce GST rates. hey ! stop that. More dealerships are expected to close in the coming days. He said that 400-500 parts suppliers are all over.

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