Auto industry pitches for lower GST on EVs

The demand for automobiles has remained poor since the last six months, which has forced companies including Maruti Suzuki and Mahindra & Mahindra to take unscheduled production holidays in order to avoid piling up of inventory. While passenger vehicle sales saw the steepest drop in nearly 18 years in May by falling over 20 per cent y-o-y to 2.39 lakh units, the total two-wheelers sales declined by 6.73 per cent compared to May last year. Besides, SIAM has also demanded a reduction in the corporate tax rate to 25 per cent and weighted deduction for research and development to be reinstated at 200 per cent till the corporate tax rate is reduced. The Automobile Component Manufacturers Association has been demanding that all auto parts be uniformly taxed at 18 per cent for some time. Demands All auto parts be uniformly taxed at 18 per cent, say industry bodies GST rate on electric vehicles to be reduced to five per cent. DailyhuntDisclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Dailyhunt. Publisher: The New Indian Expresshttp://www.acvariu.ro/forum/user/profile/15110.page