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ARTICLE · 13 SEPTEMBER 2019

Automobile Industry Expects A Reduction In GST Rates

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The automobile sector is hoping for a reduction in Goods and Service Tax ("GST') rates from 28% to 18% which is the only mode to revive the automobile industry which is presently facing immense hardships.

IndiaTax
Vikram Narula
Vikram Narula
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The automobile sector is hoping for a reduction in Goods and Service Tax ("GST') rates from 28% to 18% which is the only mode to revive the automobile industry which is presently facing immense hardships.

As per a recent announcement of the Finance Minister who understands the gravity of the situation and is hopeful to make suitable proposals for the automobile manufacturers to take a sigh of relief. The reduction in tax rates is expected to bring respite and relief to the automobile sector which has been facing a persistent slowdown. The manufacturers were relieved that the Government is lending a patient hearing to the automobile industry.

Banks have also become vigilant in lending loans to public resulting in interest rates having increased. The Finance Minister also stated that a reduction in rates of auto loans will also be beneficial to revive and increase the sales of automobiles.

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