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Domestic passenger vehicle (PV) wholesales jumped 25.8 per cent year-on-year (Y-o-Y) TO 405,000 units in December, driven by sustained demand after the goods and services tax (GST) rationalisation in September and buyers advancing purchases ahead of annual price hikes by automakers in January.
Hit by a sudden decline in sales and enquiries, the automobile industry has urged the government to hasten the implementation of new GST rates, seeking a rollout before the start of the festive season in the second half of September.
It isn’t just small cars and two-wheelers, large sedan and SUVs too are likely to see a sharp reduction in prices as goods and services tax (GST) is expected to come down from the current, up to 50% , to proposed 40%, the slab for luxury and sin goods.
A LinkedIn post by CA Arvind C Thomas is gaining traction for revealing how buying a new car in India can come with nearly Rs 6 lakh in taxes, making what should be a middle-class purchase a significant financial burden.
The proposed revision of the Goods and Services Tax (GST) slabs structure may not raise the weighted average levy, but is likely to keep the tax incidence on “demerit and luxury goods” at roughly the currently levels.
Minister of Road Transport and Highways Nitin Gadkari has urged the finance minister to reduce the goods and service tax…
The GST hike on SUVs may have a negligible effect on overall sales. Industry observers say demand for MPVs makes…
The Gujarat Authority of Advance Ruling (AAR) consisting of Arun Richard and Atul Mehta has ruled that 18% GST is…