as informed in Automobile industry body SIAM is seeking 2 tax averages for passenger cars under the GST regime instead of multiple averages levied currently, as portion of its hope list for the upcoming budget.
Currently, under the Goods & Services Tax (GST) regime, small petrol cars by engine capacity less than 1200cc attract one per cent cess, When diesel cars by engine capacity of less than 1500cc attract three per cent cess, on highest of the 28 per cent tax.
“The automotive industry has been suggesting 2 averages for cars in place of multiple tax averages, & demands the Gov. to save just 2 averages for cars under the GST regime,” community of Indian Automobile industrialists (SIAM) said in its proposals for the Union Budget 2018-19.
The auto industry has too urged the Gov. for tax on used cars to be fixed at five % GST on the differential Price among discount & buy price of the used vehicle.
Similarly, in the electrical vehicle vertical, the industry has sought extension of custom duty concessions for extra critical components.
Auto industry is going to completely change in following four years: Pawan Goenka
Pawan Goenka, managing director, Mahindra & Mahindra (M&M), tells in line by its universal peers, the auto industry in India is Determine to witness great disruptions by the Turn around of the decade, in the form of electric cars (EVs), shared mobility, stricter emission, & security levels.
In an interview by Shally Seth Mohile, Goenka touches upon the method M&M is gearing up for the disruptions, even as it battles intense competition in its core sport utility car (sport utility car) segment.
Excerpts: The past twelve months have been action-packed for M&M.
the method does 2018 look?
1 thing we …
Auto industry submits white paper on EVs to strengthMin, commits to all-electric market with 2047
as mentioned in The auto industry aims to make internal combustion engines a thing of the past with the year 2047.
In a white paper submitted to the strengthMinistry Monday, the auto industry is said to have committed to make India an all-electric automobiles market with 2047.
The strengthministry had earlier Suggested electrification of cars with 2030.
The auto industry instead announclycommitted to conversion of 40 % petrol & diesel cars , & the whole of India’s public transport to electric with the year 2030.
It too presented a suggestion seeking incentives, tax breaks for this mass conversion for buyers, revenue tax deduction on the loans for electric cars on the same line as house loans, rectification of inverted GST duty structure on electric cars , & concessional electricity averages for charging batteries.
collected by :Catlin Logan