Auto Crisis: Maruti Suzuki's Market Share Down By 2%; Huge Jump For Hyundai

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.

A businessman has been arrested by Goods and Services Tax (GST) officials in Maharashtra's Thane district for allegedly evading taxes worth Rs 24.55 crore by fraudulently issuing invoices without actual supply of goods, an official said this morning.

Former president Pranab Mukherjee on Saturday said the government's ambitious target of becoming a USD 5-trillion economy by 2024-25 is possible through prudent fiscal management.

Arun Jaitley, India's former finance minister who gave the nation its biggest tax reform, has died. He was 66.

While the auto industry is happy with the announcements made by the Finance Minister today, there's still a lot more that the industry expects from the government and dialogues to bring down the GST rate will continue

Relenting to some of the automobile industry's demands, the Finance Minister has announced some sops to revive the automobile industry that has been caught in an unprecedented slowdown. The key demand for reduction of the GST on vehicles has not been agreed to.