As US light vehicles sales topped 17 million in 2019 for the 5th consecutive year, Chris Hopson takes a look at the… https://t.co/YWcwD6o06a
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.
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