New Delhi, September 4
Union Minister Prakash Javadekar on Friday hinted at the potential of GST price reduce for automobiles and hoped that the automotive trade will quickly get some “good news”.
The Heavy Industries Minister additionally shared that the proposal for the auto scrappage coverage was prepared and all stakeholders have offered inputs, subsequently its announcement was seemingly “very soon”.
Elaborating on the probabilities of the GST price reduce on automobiles section, he stated the main points of the proposals are being labored out by the Finance Ministry and he’s not aware about all the main points.
However, Javadekar stated, “naturally in a logical sequence, 2-wheelers, 3-wheelers, public transport vehicles, in that category only, and then 4-wheelers, in that order it should come. I hope that you will get some good news surely very soon”.
The minister stated he will certainly talk about the automotive trade’s demand for Goods and Services Tax (GST) discount with Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman.
“We may not agree immediately for reduction in GST but that is not a final no. There can definitely be a way forward which I also see, progress will be done,” stated Javadekar.
Two-wheelers are neither a luxurious nor sin items and so advantage a GST price revision, Finance Minister Nirmala Sitharaman had stated at an trade interplay final month. She stated a price revision proposal can be taken up by the GST Council.
Two-wheelers at the moment appeal to 28 per cent GST. The GST charges are determined by a Council chaired by the Union Finance Minister comprising Ministers in-charge of Finance or Taxation of all of the states. — PTI