Wait...
  1. Home >
  2. Export Import News >
  3. GST News >
  4. GST rate cut on auto hits roadblock; fitment panel raises red flag >
  5. GST rate cut on auto hits roadblock; fitment panel raises red flag

Online Export Import Data Search

Complete Training Video : Click Here

GST rate cut on auto hits roadblock; fitment panel raises red flag.


Date: 11-09-2019
Subject: GST rate cut on auto hits roadblock; fitment panel raises red flag
GST fitment panel pegs annual revenue loss of Rs 50,000 crore if tax rates applicable on the automobile sector are cut, TV news channel CNBC TV18 reported citing sources. The GST Council takes the final decision to make any changes in the tax structure of the items under its jurisdiction. The next GST Council meeting is scheduled on September 20, 2019. The Fitment Committee, a panel of officials of the GST council, held a meeting on the previous Friday to find out the possibilities of a GST rate cut to revive the slowdown and boost the auto sector ahead of the upcoming festive season.

The auto companies have been asking for GST rate cut in the middle of slowdown on account of muted consumption demand. In August, the suto firms registered their worth decline in sales in all segments the Society of Indian Automobile Manufacturers (SIAM) reported on Monday. This is the steepest fall in overall vehicle sales since the data recording began in 1997-98. The vehicle sales across categories, including passenger vehicles (PVs) and two-wheelers and commercial vehicles (CVs), stood at 1,821,490 units last month as against 2,382,436 units in August 2018, a fall of 23.55 per cent, the data showed.

Meanwhile, the GDP recorded a dismal growth of 5 per cent in fiscal year 2020. It was the slowest growth since 2013 on account of weak activity in sectors including services and manufacturing, agriculture and construction. The government announced a slew of measures in the past few weeks so as to boost growth and improve the investor setiment. China grew at 6.2 per cent in the June quarter of the ongoing fiscal, according to its official data.

Source: financialexpress.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 19-09-2019



Date: 17-09-2019
Notification No. 30/2019-Customs
Seeks to amend notification No. 50/2017-Customs dated 30.06.2017 to reduce basic customs duty on Open cell (15.6” and above) for use in the manufacture of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panels and certain goods for use in the manufacture of Open cell of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panels.

Date: 14-09-2019
NOTIFICATION No. 37/2019-Customs (ADD)
Seeks to impose the definitive anti-dumping duty on the imports of "Electrical Insulators" originating in, or/and exported from China PR.

Date: 14-09-2019
NOTIFICATION No. 36/2019-Customs (ADD)
Seeks to rescind notification No. 11/2015-Customs (ADD) dated 11th April, 2015.

Date: 13-09-2019
Notification No. 64/2019-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg

Date: 13-09-2019
Public Notice No. 33/2015-2020
Annexure I to Appendix 2A revised.

Date: 13-09-2019
PUBLIC NOTICE NO. 32/2015-2020
Enlistment under Appendix 2E of M/s Expo Overseas Entrepreneurs Association (EOEA) Indore Madhya Pradesh- Authorized to issue Certificate of Origin (Non-Preferential)- reg.

Date: 13-09-2019
Notification No. 65/ 2019-Customs (N.T.)
Amending Notification No. 12/97-CUSTOMS (N.T.), dated the 2nd April, 1997 so as to include Barhi, Distt Sonepat, Haryana

Date: 13-09-2019
Circular No. 31/2019-Customs
Revised Norms for Execution of Bank Guarantee under Advance Authorisation, DFIA and EPCG Schemes

Date: 12-09-2019
Notification No. 43/2019-Customs (N.T./CAA/DRI)
Appointment of CAA by DGRI -reg.



Exim Guru Copyright © 1999-2019 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o Infodrive India
E-2, 3rd Floor, Kalkaji Main Road
New Delhi - 110019, India
Phone : 011 - 40703001