Obtain the data you need to make the most informed decisions by accessing our extensive portfolio of information, analytics, and expertise. Sign in to the product or service center of your choice.
The Society of Indian Automobile Manufacturers (SIAM) has urged
the government to reduce goods and services tax (GST) on passenger
vehicles from 28% to 18% to ease pricing pressure due to upcoming
Bharat Stage VI (BS VI) emission and safety regulations, reports
the Press Trust of India. "We want the government to be
sensitive to the fact that BS VI emission introduction [from April
2020] and other safety regulations will add to the cost. If it adds
to the cost it is likely to lead to a slowdown in the demand," SIAM
president Rajan Wadhera said.
Significance: Under the country's GST regime,
automobiles are currently taxed at a peak rate of 28% with
additional tax ranging from 1% to 15%, depending on the length,
engine size and type. The latest suggestion by SIAM for reduction
in taxes comes as domestic passenger-vehicle sales posted another
decline in March.
Read more articles like this one. Get a free trial to AutoIntelligence Daily
The above article is from AutoIntelligence Daily by IHS Markit. Every working day, AutoIntelligence Daily provides about 30 articles focused on automotive news, events and trends. Get a free trial.
