Auto Sector will shed 10 lakh workers - needs help
around 70 per cent of auto components have come under the 18 per cent GST slab. However, around 30 per cent remain in the 28 per cent bracket. Automobiles currently attract peak GST rate of 28 per cent with additional cess ranging from 1 per cent to 15 per cent, depending on the length, engine size and type.
Govt must consider reducing GST on these as well as cars to 18% and stimulate demand.
ACMA president is saying the industry has to shed 10000000 jobs unless demand picks up. more
Govt must consider reducing GST on these as well as cars to 18% and stimulate demand.
ACMA president is saying the industry has to shed 10000000 jobs unless demand picks up. more
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All say is Good at its own place, NUT wgen these very Manyfacturers werre charging Hugh Premium for years and looted to the Public was NOT crying in similar way at that time. Then Why NOW. more
Jul 31
Arguing on this point is like the dog biting into its own tail. The question arises: what does one want ? Heat up the vehicle production furnace by reducing prices/GST or to reduce traffic density on roads ? This is achievable by raising prices, by increasing road and import taxes. No open back-doors viz. laxity to VIPs, whatever their kind might be. Put a limit on number of vehicles a family can own. No need for a car to be there for every member; because this is happening today and on a relatively large scale. Singapore did that. A German car which would be available in Germany for 30k Euro could be bought in Singapore for not less than 850k Euro. So many other steps could be listed here, but my attempt here was to state a simple rule of economics....... more
Jul 26
Tax burden in our country is too high. Cars are purchased by less than 5-10% of the population. Applying a whopping 28% tax is too high. Tax should not be more than 5%. Add to it the other taxes like road taxes, gateway taxes, petrol taxes, one needs to calculate the whole cost of owning a car and decide accordingly. more
Jul 26
Mr. Sridhar Mohan states that 1 crore jobs are lost due to the higher GST on Motor vehicles. This is absolutely incorrect. The whole car manufacturing industry does not provide 1 Cr. jobs. From where do u get such data? The fact is that there are far more per-capita cars in our country than any other country in the world, though not even 5% of the population can afford to purchase cars. No jobs are at risk since GST rates are LOWER than the earlier Central Sales Tax and State Sales taxes. let us not propagate wrong information to the public. The basic issue is that manufacturers are now unable to escape paying GST easily, as earlier they were evading paying Sales Tax. These are the thieves who are propagating such information to divert attention of public by giving them wrong information. more
Jul 26
After paying 32% tax again to pay 28% for GST to purchase product, it is a big concern for salaried persons. Tax collected around 60%+ we only left with 40% money to survive in INDIA. more
Jul 25
