There are no changes in the GST framework for the auto industry in the Budget 2018The Budget 2018 that has been closely followed with all the auto makers in the country & considering that this is the final budget the current Gov. was to pronounce ahead of the elections following year, the auto industry was hoping for a bunch of changes in the current GST framework. too Read: Budget 2018: Expectations For The Auto IndustryLuxury vehicle makers were sokeen on seeing the current GST averages come drop. Currently GST tax averages stand at 48 per cent for sedans & 50 % for sport utility cars in the premium segment that are high. What was too Guessed was a reduction in the GST averages of electric cars & this was to incentivise the faster adoption of electric mobility in India. The community of industrialists of Electric cars (SMEV) had urged a cut of five per cent of the GST average on all electric cars & EV subsystems for the Budget 2018.
Budget 2018: Auto industry's expectations
The Gov. of India is all Determine to present the Union Budget 2018. The automotive industry is 1 of the prime drivers of the Indian economy accounts for around seven% of the country's gross domestic output (GDP), comprising approx. The automotive sector is looking forward to backing from the Gov. to more boost the industry out of Union Budget 2018. Although some relaxation has been given to auto components after the recent GST council meeting, continue almost40% of the auto components attract a higher GST average of 28%. Thus, it is wished which Gov. takes into consideration the above asks & provide an impetus to the automotive sector When announcing the Union Budget 2018.
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collected by :
Catlin Logan