Global Auto Demand Tracker from IHS Markit: Rolling updates of new sales/registration numbers in June show stabilis… https://t.co/JnqBIZoKLr
SIAM urges Indian government to reduce GST on cars to 18%
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
- Global Auto Demand Tracker - new sales/registration numbers for June 2020
- Automotive Rapid Response Report | 8 July 2020
- Automotive COVID-19 Recovery Series
- Automotive Rapid Response Report - 17 June 2020
- COVID-19's real possible effects on the Auto and Mobility Industry
- With 50% of countries reporting, month of May numbers indicate a solid rebound for global auto demand
- Automotive Rapid Response Report - 3 June 2020
- Automotive Rapid Response Report - 20 May 2020
The Automotive Manufacturing Disruption Index dropped significantly over the past week and is now in "very low disr… https://t.co/XkBEoBdwEs
IHS Markit saw a 3% decrease week-on-week (w/w) in Canada national registration volume, representing a volume decli… https://t.co/j2OwRPbDB7