Auto Industry Reacts To Finance Minister's Proposal To Reduce Corporate Tax

The Finance Minister has announced reduction in the corporate tax rate to 22 per cent from 30 per cent, while new manufacturing companies or companies which are making fresh investments from October 2019 will be taxed at 15 per cent which is a big boost to Make in India for sure but also a incentive to invest in the country.

The Centre on Wednesday said it will certainly take up the issue of "hefty" GST on hotel rooms' tariff in the meeting of its council as it impacts the tourism industry.

ACT Fibernet has launched new gaming packs for its users in India. It is initially offering two packs – A-Game Basic and A-Game Ultra.

India's goods and services tax (GST) panel is unlikely to approve lowering the tax for the auto and allied components sector this week, as a study has warned of major revenue losses, two government officials said.

Bangalore-based Ather Energy has discontinued its entry-level 340 electric scooter. The company took to its social media channels to announce the development and the scooter has also been delisted from the company's website as well. Explaining the decision, the manufacturer said that the Ather 340 had dismal demand over the flagship 450. The latter grabbed 99 per cent...

The automobile sector has been a witness to the biggest drop in sales ever since 1998 and there are several factors that have contributed to this. Right from new emission norms kicking in to raw materials and fuel prices soaring, to GST rates and finally, low buying sentiment. The drop in sales have of course affected even the market share of companies in the country ...

The Central Bureau of Investigation has arrested a superintendent in the Goods and Services Tax (GST) Department from Uttar Pradesh's Meerut for allegedly taking Rs 3-lakh bribe to clear a pending case, officials said on Friday.

Daimler India Commercial Vehicles MD and CEO, Satyakam Arya, says that GST cut will not be enough to help the auto industry recover from the current slowdown. Instead, Arya says that the government needs to come out with an effective scrappage policy to help the industry.

Late last week, the GST Fitment Committee, a panel of GST officials from the GST Council, came together to discuss the repercussions of GST rate cut on automobiles.

Speaking at the ongoing ACMA Convention, Ram Venkataramani - President, ACMA & Director, Amalgamations Component Group, today requested the GST council for standardised rate for all components.

Seeking urgent stimulus from the government in the form of GST reduction, the auto industry on Thursday cautioned that if the current slowdown in the sector continued, there would be further job losses that could have societal and social consequences.

Prior to GST, hybrid vehicles were taxed 30.3 percent (12.5 percent excise duty, 12.5 percent value-added tax, 2 percent central sales tax and 1 percent national calamity contingent duty). Under GST, it attracts 28 percent tax and 15 percent cess like big petrol and diesel luxury cars.

Kerala would oppose any proposal by the Centre to cut GST rate on cars and bikes in the next meeting of GST Council scheduled later in September.

SIAM and several automakers have asked for GST rates to be reduced on passenger vehicles and peg them under 18 per cent tax slab instead of 28 per cent.