Auto Industry United In Seeking Reduction Of GST Rate On Vehicles

The automotive industry is currently facing a daunting challenge of a deep slowdown that urgently needs some form of stimulus from the Government to supplement the efforts being made by the industry in reversing the industry fortunes towards positive performance.

With the arrest of four men and unearthing of six fake firms, the Special Task Force of the Uttar Pradesh Police Friday claimed to have busted a GST evasion racket of nearly Rs 60 crore.

The GST Council on Friday decided to introduce electronic invoicing system in a phase-wise manner for business-to-business or B2B transactions.

Easing the enrolment process for new firms, the Council decided to allow the use of 12-digit Aadhaar number for getting GST registration.

The Federation Of Automobile Dealers Association or FADA, has requested the GST Council of India to charge interest on the Gross Value instead of the net Input Tax Credit Value.

To give a push to manufacturing electric vehicles, the Council will consider slashing GST rates to 5 per cent from 12 per cent

Prime Minister Narendra Modi-led government in its second term will implement more economic reforms, raise investment in the farm sector, provide collateral-free loans to entrepreneurs and further simplify GST to boost economic growth, President Ram Nath Kovind said Thursday.

The government will continue to take steps for further simplification of the Goods and Services Tax (GST), President Ram Nath Kovind said Thursday.

The government sent 15 senior tax officials facing probes in corruption cases to compulsory retirement, sending across a tough message to bureaucrats taking kickbacks for facilitating tax evasion by companies.

Karnataka on Saturday sought extension of the Compensation Act beyond 2022 to bridge the revenue gap likely to arise out of a shortfall in the collection of the Goods and Services Tax (GST).

While the auto sector dominates the wish-list for now, experts also feel a relief to the salaried taxpayers and further rationalisation of GST rates will benefit all.

The number of telecom subscribers in the country stood at 1,183.51 million at the end of March 31, 2019, according to TRAI data.

The body also suggested a review of items placed under different tax slabs under Goods and Services Tax (GST) as many of them are overlapping

The wholesale and production numbers in May 2019 have seen a huge drop compared to retail numbers which is the biggest indication that automakers are trying to control their inventories.