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Auto trade might urge authorities to reverse GST cess hike – Information by Automobilnews.eu

Auto trade might urge authorities to reverse GST cess hike


Oct 12, 2017 10:38 PM IST | Supply: CNBC-TV18

The trade seeks reversal of compensation cess on automobiles which was hiked between 2 % and seven % in September.

Final month, the Items and Providers Council hiked the quantum of cess on mid-sized, giant and SUV automobiles within the vary of two to seven %. This choice has not gone down nicely with car firms. CNBC-TV18 has learnt that the trade is contemplating sending an in depth notice to the federal government urging them to reverse the hike on compensation cess.

The auto trade which has been a key beneficiary of the Items and Providers Tax (GST) is requesting the federal government to make sure adjustments within the price.

The trade seeks reversal of compensation cess on automobiles which was hiked between 2 % and seven % in September – they need the federal government to revive the speed relevant previous to September 11.

It has additionally demanded that the federal government restricts compensation price to 3 classes of autos from the 5 classes at current.

The trade has additionally requested eradicating cess on export of autos and needs a flat price of 5 % on used automobiles from the present 28 % and 43 % of the differential value between shopping for and promoting.

They’ve additionally demanded to cap GST price of 12 % on elements utilized in electrical automobiles which go as excessive as 18 % to 28 % in some circumstances.

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Auto trade might urge authorities to reverse GST cess hike – Information by Automobilnews.eu
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