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Society of Indian Automobile Manufacturers (SIAM) has recommended that to reduce the tax rates on electronic vehicles from 12 percent to 5 percent under GST to promote such vehicles in India, apart from providing one-time Income Tax (I-T) deduction of 30 percent on prices of e- vehicles for non- financed buyers.
The Indian companies from all the sectors including consumer durables, real estate and automobile manufacturers are currently trying hard to get GST rate cut on their goods and services. The consumer durable industry had said that the high 28 per cent GST rate must be reviewed. As per the official from a reputed consumer durable […]
With the finalization of Lok Sabha election results, the finance ministry is full-fledged ready with the 100-day agenda for the new government. The preparation of this agenda is a step taken by the FinMin, after receiving orders from Prime Minister’s Office, with the antecedence motive of boosting the economy which declined to 6.6 per cent […]
Before GST implementation, the car market slowed down because people were waiting for car prices to go down. Passenger vehicles have recorded 37.5% growth in June 2018 and amazingly it is the first time in last eight years that the market has touched such a record.
The domestic sales for passenger automobile vehicles have grown by leaps and bounds. However, the export figures for passenger vehicles are in sharp contrast to those of the domestic sales.
The Commerce Ministry of India has asked the government to put one Goods and Services Tax (GST) rate on multimodal transportation medium of vehicles in order to lower compliance burden on automobile producers and enhance logistic services, an official mentioned.
SIAM which stands for Society of Indian Automobile Manufacturers is a significant Industry body for automobiles and engine manufacturers in the country.
Goods and service tax has proven a heavy tax scenario on to the Ambulance category vehicles as 10 to 13 seater Ambulance vehicles are now completely halted for sales. According to the industry experts, the issue which has been concluded is that the ambulance vehicles are not on the list of exempted items. And without the exemption, the ambulance vehicles are bound to be sold at the higher slab rate of 28 percent tax.
Goods and service tax is approaching with queries solved in its pack, while it may create some upheaval upon implementation, but it is quite essential to create one. In the last year of discussion among the automobile association with the ministry
