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Auto industry body requests for reduction of GST rate from 28 pc to 18 pc


An apex auto industry body has requested the Central government for an immediate reduction in the Goods and Services Tax (GST) rates for automobiles to 18 per cent.

Reiterating its request, the Society of Indian Automobile Manufacturers (SIAM) president Rajan Wadhera has urged for immediate relief to the industry by a reduction in the GST rates from existing 28 per cent to 18 per cent.

As per a statement by the SIAM, the need for an immediate reduction in GST rates has been agreed unanimously amongst all members of the automobile manufacturers including the two-wheelers original equipment manufacturer (OEMs).

This was also conveyed at a recent meeting with Finance Minister Nirmala Sitharaman, where all OEMs representing passenger vehicles, commercial vehicles, and two-wheelers had participated, informed the SIAM.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, August 09 2019. 18:03 IST