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The <keyword id="19994390" type="General" weightage="20" keywordseo="GST-Council" source="keywords">GST Council</keyword> on Saturday decided to tweak <keyword id="20452955" type="General" weightage="20" keywordseo="tax-rates" source="keywords">tax rates</keyword> on items, including accommodation services for students and solar cookers, and took a host of taxpayer-friendly measures including waiver of interest and penalty for demand notices issued in the first three years of <keyword id="6354679" type="General" weightage="100" keywordseo="GST" source="Orion">GST</keyword> rollout. Briefing reporters after the 53rd <keyword id="3680839" type="General" weightage="20" keywordseo="GST-Council-meeting" source="Orion">GST Council meeting</keyword>, Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="Orion">Nirmala Sitharaman</keyword> said the Council has recommended to roll-out the biometric-based <keyword id="20433416" type="General" weightage="20" keywordseo="Aadhaar-authentication" source="keywords">Aadhaar authentication</keyword> of registration applicants on pan-India basis in a phased manner. This will help check fraudulent registration done to avail input tax credit and evade taxes. To reduce litigation, the Council decided to fix a monetary limit for tax officers to file appeals before the GST Appellate Tribunal, the High Court and the Supreme Court at Rs 20 lakh, Rs 1 crore and Rs 2 crore, respectively. It also recommended reduction of the quantum of pre-deposit required to be paid by taxpayers for filing of appeals under Goods and Services Tax (GST). The maximum amount of pre-deposit for filing appeal with the appellate authority has been reduced from Rs 25 crore CGST and SGST each to Rs 20 crores CGST and SGST each. This will help ease cash flow and working capital blockage for the taxpayers. "The 53rd GST Council meeting has taken a number of decisions on trade facilitation, easing compliance burden and giving relief to taxpayers in terms of easing compliance," Sitharaman said. The Minister said the next meeting of the GST Council will be held in August in which the Group of Ministers (GoM) on GST rate rationalisation under Bihar Deputy Chief Minister Sumant Chaudhary, will give a presentation on the status of the work and aspects covered by the panel and work pending before the panel. "What was decided in the Council is, when we meet in the next GST Council meeting we will start a discussion on rate rationalisation... There will be a presentation by the GoM irrespective of whether the report is draft... and then Council will start the discussion on rate rationalisation in the next meeting in August," Sitharaman said. The GST Council on Saturday recommended to exempt Accommodation Services of up to Rs 20,000 per person per month from GST. This is subject to the condition that these services are supplied for a minimum continuous period of 90 days. "It's primarily meant for students," Sitharaman said. In a taxpayer friendly move, the Council has decided to waive interest and penalties for demand notices issued under Section 73 of the CGST Act (for cases not involving fraud, suppression or wilful misstatement) for the fiscal years 2017-18, 2018-19 and 2019-20, if the full tax demanded is paid by March 31, 2025. GST, which subsumed 17 local taxes and cesses, was rolled out on July 1, 2017. With its introduction, prices of various products and services used by masses have moderated. As per the CBIC data, mobile phones and many household items including TV, refrigerator, washing machine and AC have become cheaper post GST. It has reduced burden on household income and improved affordability. The Council also decided to refer the standing committee's recommendation to exempt GST on fertiliser and cut rates on raw materials to the GoM on rate rationalisation. Currently, GST is levied at 5 per cent on fertilisers, while its raw materials like sulphuric acid and ammonia face 18 per cent tax. Also the Tax Collected at Source (TCS) rate for e-commerce suppliers has been cut from present 1 per cent to 0.5 per cent, which will ease the financial burden on the suppliers making supplies through E-commerce platform. Besides, services provided by Indian Railways to the general public, namely, sale of platform tickets, facility of retiring rooms/waiting rooms, cloak room services and battery-operated car services as well as intra-railway transactions would be exempt from GST. GST Council has prescribed a uniform rate of 12 per cent on all milk cans meaning steel, iron, aluminum which are irrespective of the use. The Council also recommended a uniform GST rate of 12 per cent on all carton boxes and cases of both corrugated and non-corrugated paper or paper board, which in particular, help the apple growers of Himachal Pradesh and Jammu &amp; Kashmir. All types of Sprinklers, including fire water sprinklers, will attract 12 per cent GST. Solar Cookers, whether it has a single or dual energy source, too will attract a 12 per cent tax. The Council also decided that GST anti-profiteering provisions will have a sunset date of April 1, 2025. Current cases and investigations with regard to profiteering complaints will be handled by the Principal bench of GST Appellate Tribunal (GSTAT), instead of the Competition Commission of India (CCI). Also, the time limit to avail input tax credit w.r.t. any invoice or debit note through any GSTR 3B return filed up to November 30, 2021 for FY 2017-18, 2018-19, 2019-20 and 2020-21, has been fixed at November 30, 2021. Sitharaman said less than two per cent of the total 58.62 lakh taxpayers under Central GST administration has been sent tax notices and the intention of the government is to make GST assessees life easier by reducing compliance requirements. "I want to reassure the assessees that our intent is to make GST assessees life easier, we are working towards less and less compliance. On behalf of the CGST, notices are not being sent left, right and centre. Only 1.96 per cent of all active tax assessees have been sent notices from Central GST," Sitharaman said.

GST Council tweaks tax rates; Waives interest, penalty on tax dues for first 3 years of rollout

Union Minister of <keyword id="19994242" type="General" weightage="20" keywordseo="road-transport" source="keywords">Road Transport</keyword> and Highways, <keyword id="19897455" type="General" weightage="20" keywordseo="Nitin-Gadkari" source="keywords">Nitin Gadkari</keyword>, asked states to pitch for reducing GST on flex-engine cars. Gadkari stated that the government needs the support of the states to promote <keyword id="23007559" type="General" weightage="20" keywordseo="flex-engine-vehicles" source="keywords">flex engine vehicles</keyword> by reducing GST up to 12 per cent on <keyword id="23007560" type="General" weightage="20" keywordseo="flex-engines" source="keywords">flex engines</keyword>, cars, and scooters. "We will try to convince all the finance ministers. Yesterday I had the opportunity to discuss with the finance minister of Maharashtra and I told him, you please go to the meeting and put up this proposal for reducing GST up to 12 per cent on flex engines, cars, and scooters," he said. Addressing IFGE's India Bio-Energy and Tech Expo in New Delhi, the Union Minister added that factors such as economic viability, proven technology, availability of raw material, and marketability of the finished product are in favour of the development of these engines. Gadkari said that developing flex-fuel engines is the target of the government, and we have the "proven technology" to make it possible. "I feel that now the flex fuel is very, very important. Already the managing director of Tata, Suzuki and Toyota, they have decided to start flex engine car in the country," the Union Minister stated. Gadkari added, "So the flex engine is the ultimate target. As far as the market is concerned, there is huge potential. Everywhere, as far as a comparison between fossil fuel and <keyword id="20228373" type="General" weightage="20" keywordseo="biofuel" source="keywords">biofuel</keyword>, in the Indian scenario, the cost of biofuel is less and there is no pollution. So that is the important reason that it is going to be advantageous to the common man also," the Minister stated. Going further, Gadkari said that vehicle companies such as Bajaj, TVS, and Hero, along with two or three other companies, have their models ready with flex engines to run on 100 per cent <keyword id="20069651" type="General" weightage="20" keywordseo="ethanol" source="keywords">ethanol</keyword>. He said, "Many of the generator manufacturers are working to change the diesel generators into ethanol. One of the companies is also they are taking an interest in converting 5 lakhs of telecommunication towers there and 250 crore litre consumption of diesel. Now they are also changing into ethanol." He further stated that the raw material is already available in India, there is a need to think about ways to increase the production of biomass, which can be useful for making biofuel. (ANI) "I feel that this is the time for the country that we have got very good potential. We need to create positivity and confidence in the minds of the stakeholders. Now things are open. The market is going to increase. Availability of ethanol, again, I am very much thankful to Hardeep Puri ji, our Minister group is there. We already have a clear policy now," Gadkari said. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/webstories/realme-13-plus-5g-vs-iqoo-z9s-pro-battle-of-the-under-25000-smartphones/slidelist/112924868.cms">Realme 13 Plus 5G vs iQOO Z9s Pro – Battle of the under ₹25,000 smartphones</a> <a href="https://www.businessinsider.in/stock-market/webstories/baazar-style-retail-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112920678.cms">Baazar Style Retail IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-september-2024/slidelist/112917920.cms">Upcoming cars launching in India in September 2024</a>

Gadkari asked states to pitch for reducing GST on flex engine vehicles

<keyword id="19896016" type="General" weightage="20" keywordseo="New-Delhi" source="keywords">New Delhi</keyword>: The 54th Meeting of the <keyword id="21275205" type="General" weightage="20" keywordseo="Goods-and-Services-Tax-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="Goods and Services Tax Council" meta.hostid="261" meta.entityid="Goods and Services Tax Council">Goods and Services Tax Council</keyword> or GST Council, will be held on 9th September 2024 in New Delhi, the GST Council said in a post on social media platform "X" on Tuesday. On June 22, <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> Nirmala Sitharaman said that the next meeting of the GST Council will take place in mid to late August. The aim of this meeting will be to discuss the pending issues of the last meeting. The council is expected to discuss rate rationalisation and compliance, among others. The GST Council, consisting of the Union Finance Minister and representatives from all States and Union Territories, was established to make decisions on various aspects of GST, including <keyword id="20452955" type="General" weightage="20" keywordseo="tax-rates" source="keywords">tax rates</keyword>, exemptions, and administrative procedures. It played a crucial role in shaping the GST framework in India. The last meeting of the GST Council was held on 22 June 2024 this year. During the meeting, the council recommended relaxation to taxation, Input Tax Credit (ITC) claims and demand notices. The GST Council proposes exemptions for specific services offered by Indian Railways to the general public, as well as for intra-railway transactions. During the 53rd meeting of the council, it proposed an exemption for specific services offered by Indian Railways to the general public, as well as for intra-railway transactions. The sale of platform tickets and services such as retiring rooms, waiting rooms, cloakroom facilities, and battery-operated car services are now exempt from GST. The 53rd council meeting was marked by several key decisions aimed at easing the compliance burden and providing relief to taxpayers. "Today's <keyword id="20115983" type="General" weightage="100" keywordseo="GST-Council-meeting" source="keywords">GST Council meeting</keyword> has taken a lot of decisions on trade facilitation, easing compliance burden and relief to taxpayers in terms of compliance easing out," the Finance Minister had said. The GST Council recommended waiving interest penalties on demand notices issued under Section 73 of the GST Act for fiscal years 2017-18, 2018-19, and 2019-20. The Council, in its June 22 meeting, approved an extension for availing input tax credit (ITC) on any invoice or debit note. To curb government litigation, the Council has recommended setting monetary thresholds for filing appeals by departments: Rs 20 lakh for the GST appellate tribunal, Rs 1 crore for high courts, and Rs 2 crore for the Supreme Court. In a move to assist small taxpayers, the Council, in its last meeting, extended the deadline for furnishing returns from April 30 to June 30 for the fiscal year 2024-25 and subsequent years. The Council, in its last meeting, recommended the phased rollout of biometric-based Aadhaar authentication for GST registration applicants across India. The Council recommended a uniform GST rate of 12 per cent on all milk cans, regardless of their material (steel, iron, or aluminium), to eliminate disputes. The Finance Minister, during the last GST meeting, reiterated the central government's intent to bring petrol and diesel under the Goods and Services Tax (GST) framework. She highlighted that the groundwork for this inclusion was laid during the initial implementation of GST and emphasized that the decision now lies with the state governments. The central government has long maintained that incorporating petrol and diesel into GST would streamline tax rates and potentially reduce prices for consumers.

54th GST Council meeting to take place on September 9 in New Delhi

<ul><li>M&amp;M, Ashok Leyland and Tata Motors have recovered from their intraday low.</li><li>Gadkari while speaking at a SIAM conference had said that the rising level of pollution is a health hazard for citizens.</li><li>There is no such proposal currently under active consideration by the government, said Gadkari in is clarification</li></ul> The auto index, <keyword id="3540651" type="General" weightage="20" keywordseo="Nifty-Auto" source="Orion">Nifty Auto</keyword>, recovered from its 400 point or approximately 2.5% fall after Union Minister <keyword id="26680" type="General" weightage="50" keywordseo="nitin-gadkari" source="Orion">Nitin Gadkari</keyword> clarified on Tuesday clarified his '10% additional <keyword id="18747014" type="General" weightage="60" keywordseo="GST-on-diesel-vehicles" source="Orion">GST on diesel vehicles</keyword>' comment made earlier in the morning. At the time of updating the story, the index is 1.6% in the red. Auto stocks had fallen sharply after Gadkari said he will seek a "<keyword id="2169429" type="General" weightage="60" keywordseo="pollution-tax" source="Orion">pollution tax</keyword>" in the form of additional <keyword id="6354679" type="General" weightage="80" keywordseo="gst" source="Orion">GST</keyword> of 10% on diesel vehicles and gensets in order to cut down on air pollution. This in turn has dragged the stocks down as most of the commercial vehicles in the country currently run on diesel. At the time of updating, Mahindra and Mahindra is down 1.7% but shown a recovery from the 3.48% slide. Ashok Leyland has now recovered slightly too and is down 2.4% while Tata Motors which had slipped 2.8% is now down 1.8%. The Road and Transport Minister has subsequently clarified his comment on X (formerly Twitter). He said that that there is no such proposal currently under active consideration by the government. <div type="twitter" handle="nitin_gadkari" handlename="nitin_gadkari" favoritecount="0" retweetcount="0" id="1701501884324860043"></div> Earlier, speaking at the 63rd Annual SIAM convention Delhi, the Union Road Transport and Highways Minister said the rising level of pollution is a health hazard for citizens. "I am going to handover a letter to the Finance Minister this evening stating that an additional 10% GST be put on diesel-powered vehicles," Gadkari said. In the passenger vehicle segment, various carmakers including Maruti Suzuki India and Honda have already stopped manufacturing diesel cars. Gadkari said the contribution of diesel cars has already come down drastically in the country and the manufacturers need to stop selling them in the market. Terming diesel as a hazardous fuel, he noted that the country has to import the fuel to meet the demand. "Say goodbye to diesel... Please stop making them, otherwise we will just increase the tax so much that it would become difficult to sell diesel cars" Gadkari said. He said he will propose additional GST on diesel-powered generators as well. Automobiles are currently taxed at 28% GST, with additional cess ranging from 1% to 22% depending on the type of vehicle. SUVs attract the highest GST at the rate of 28% along with a compensation cess at 22%. Gadkari also asked the industry to focus on environment-friendly alternative fuels like ethanol. He also asked the industry to focus on green hydrogen. Explained: <a href="https://www.businessinsider.in/policy/economy/news/what-is-ethanol-blending-current-targets-and-challenges-for-india/articleshow/103460113.cms" data-type="tilCustomLink" target="_blank">What is ethanol blending and what are the challenges faced by India</a>

Auto stocks recover after Gadkari clarifies his '10% additional GST on diesel vehicles' comment

The <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> traded on a flat note at 83.43 against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> in early trade on Thursday amid a strong greenback after the American central bank decided to keep <keyword id="20071327" type="General" weightage="20" keywordseo="interest-rate" source="keywords">interest rate</keyword> unchanged. Forex traders said that an upward movement in the <keyword id="20024983" type="General" weightage="20" keywordseo="crude-oil-prices" source="keywords">crude oil prices</keyword> also pressured the Indian currency. However, it found support from positive domestic <keyword id="19911354" type="General" weightage="20" keywordseo="equity-market" source="keywords">equity market</keyword> sentiment and inflow of foreign capital. At the interbank foreign exchange, the domestic unit opened strong at 83.41 but later slipped to its previous closing level of 83.43 against the dollar. The rupee had settled 2 paise higher at 83.43 against the dollar on Tuesday, a day after losing 7 paise on Monday. Foreign exchange market was closed on Wednesday on account of Maharashtra Day. On Wednesday, the US Federal Reserve decided to maintain the status quo on the benchmark interest rates, which was in line with the market expectations. Analysts said that market participants will keep a close watch on the US non-farm payroll data to be released on Friday. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.02 per cent to 105.64. Brent crude futures, the global oil benchmark, advanced 0.56 per cent to USD 83.91 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 152.67 points or 0.20 per cent higher at 74,635.45. The broader NSE Nifty advanced 25.75 points or 0.11 per cent to 22,630.60. Foreign institutional investors (FIIs) were net buyers in the capital markets on Tuesday, as they purchased shares worth Rs 1,071.93 crore on a net basis, according to exchange data. India's Goods and Services Tax (GST) collections grew 12.4 per cent to a record high of Rs 2.10 lakh crore in April, aided by strong economic momentum and increased domestic transactions and imports, the finance ministry said on Wednesday. SEE ALSO:<a href="https://www.businessinsider.in/sports/webstories/india-t20-world-cup-squad-kulcha-back-on-menu-kl-rahul-dropped/slidelist/109730805.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/india-t20-world-cup-squad-kulcha-back-on-menu-kl-rahul-dropped/slidelist/109730805.cms" target="_blank">India T20 World Cup squad: KulCha back on menu, KL Rahul dropped</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank">Upcoming cars and two-wheelers launching in India in May 2024</a><a href="https://www.businessinsider.in/business/auto/news/mahindra-xuv-3xo-compact-suv-launched-in-india-starting-at-7-49-lakh/slidelist/109715525.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/mahindra-xuv-3xo-compact-suv-launched-in-india-starting-at-7-49-lakh/slidelist/109715525.cms" target="_blank">Mahindra XUV 3XO compact SUV launched in India starting at ₹7.49 lakh</a>

Rupee turns flat at 83.43 against US dollar in early trade

The consumers may end up paying more for shopping online on <keyword id="19910508" type="General" weightage="20" keywordseo="amazon-india" source="keywords">Amazon India</keyword> for certain products as the company is set to revise its seller fee structure from April 7. In a recent notification, the e-commerce behemoth has informed sellers about revised structure that is likely to result in price increase for several items. The last fee revision was in May 2023. The revised structure "does not include the 18 per cent GST that will be levied on the seller fee", according to reports. A seller needs to pay a fee to <keyword id="19904608" type="General" weightage="20" keywordseo="amazon" source="keywords">Amazon</keyword> for the items sold on the Amazon platform. Among the hiked fee structure, luxury beauty has been increased from 5 per cent to a tiered system that goes up to 10 per cent. Sleepwear category will witness a seller fee hike from 11-15 per cent to 13.5-19 per cent, while the home improvement category will see an increase from 9 per cent to 13.5 per cent). Amazon <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>, however, has also decreased fee for categories such as baby apparel products, inverter and batteries and some others. The company did not immediately comment. The revised seller fee structure is likely to impact companies like <keyword id="19951130" type="General" weightage="20" keywordseo="mamaearth" source="keywords">Mamaearth</keyword> more which do bulk selling of their products on Amazon. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/oneplus-12-review/articleshow/108723955.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-12-review/articleshow/108723955.cms" target="_blank">OnePlus 12 review: A feature-packed device with promising battery back-up</a><a href="https://www.businessinsider.in/tech/mobile/news/motorola-edge-50-pro-to-launch-in-india-on-april-3-everything-we-know-so-far/articleshow/108667275.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/motorola-edge-50-pro-to-launch-in-india-on-april-3-everything-we-know-so-far/articleshow/108667275.cms" target="_blank">Motorola Edge 50 Pro to launch in India on April 3 – Everything we know so far</a><a href="https://www.businessinsider.in/business/auto/news/jsw-group-and-saic-motors-jv-jsw-mg-motor-india-set-to-up-production-to-3-lakh-vehicles-a-year-with-a-new-car-every-3-6-months/articleshow/108647799.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/jsw-group-and-saic-motors-jv-jsw-mg-motor-india-set-to-up-production-to-3-lakh-vehicles-a-year-with-a-new-car-every-3-6-months/articleshow/108647799.cms" target="_blank">JSW Group and SAIC Motor’s JV ‘JSW MG Motor India’ set to up production to 3 lakh vehicles a year with a new car every 3-6 months</a>

Amazon India's revised seller fee next month may up prices for certain products

<ul><li>Shares of some Indian automobile companies have lost over 40% of their value since the start of the year.</li><li>Car makers have been the worst hit by the slump in demand triggered by slump in the Indian economy that has hit consumption.</li><li>The Narendra Modi government's rush to get people to move to electric cars is making business worse for makers of traditional cars that run on fossil fuels like petrol and diesel.</li></ul>Indian car makers are in dire straits. Sales have been falling for eight straight months now with no respite in sight. A weaker economy, rising unemployment and pessimism among consumers have led to a steady fall in demand for discretionary products like cars. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 The crisis has cost investors too. Share prices of car makers, which include some of the marquee names of corporate India, have lost a lot value-- some of them over 40% -- since the start of 2019. And now, there is more bad news that has taken the wind out of auto stocks like Ashok Leyland, Maruti Suzuki, Tata Motors, and M&amp;M today. <table style="width: 169pt;"> </colgroup></colgroup> <tbody><tr> <td class="xl65" style="height:15.0pt;width:73pt">Stock</td> <td class="xl71" style="border-left-width: initial; border-left-style: none; width: 48pt;">July 29</td> <td class="xl66" style="border-left-width: initial; border-left-style: none; width: 48pt;">Last 1 Year</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Ashok Leyland</td> <td class="xl69" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-3.44%</td> <td class="xl72" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-35.95%</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Maruti Suzuki</td> <td class="xl69" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-3.75%</td> <td class="xl72" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-40.48%</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Tata Motors</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-5%</td> <td class="xl72" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-45.94%</td> </tr> <tr> <td class="xl68" style="height: 15.75pt; border-top-width: initial; border-top-style: none;">M&amp;M </td> <td class="xl73" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-1.60%</td> <td class="xl74" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-39.23%</td> </tr></tbody></table> The government wants more Indians to adopt electric vehicles, and dump their old cars that run on fossil fuels like petrol and diesel. Electric cars may be better for environment but there are many concerns including the feasibility for customers and the availability of infrastructure to name a few. The government has cut the <a href="https://www.businessinsider.in/gst-council-slashes-tax-on-evs-and-ev-chargers/articleshow/70407724.cms" data-type="tilCustomLink" target="_blank">goods and services tax on electric cars</a> to less than half and <a href="https://www.businessinsider.in/union-budget-2019-indian-government-announces-tax-subsidy-for-purchasers-of-electric-vehicles/articleshow/70091003.cms" data-type="tilCustomLink" target="_blank">offered tax rebates</a> on interest paid loans taken to buy electric cars, aside from setting aside <a href="https://www.businessinsider.in/electric-vehicles-policy-under-fame-ii-offers-incentives-for-local-manufacturing-and-subsidies-for-buyers/articleshow/68314114.cms" data-type="tilCustomLink" target="_blank">a ₹100 billion earlier this year</a> to incentivise electric car manufacturing in India. 
 
 
 
 
 
 <div type="ExtQuote" text="While the EV segment is still facing challenges of limited product availability, charging infrastructure constraints and product viability issues, the government is stepping up its efforts to kick-start its adoption, and appears willing to raise the regulatory burden on conventional vehicles to incentivise the former." auname="CLSA (a global broking house)"></div>











 More bad news The Ministry of Road Transport and Highways has come up with a draft policy to promote old car owners to scrap their vehicles in exchange for free registration for a new car. However, for those who can't avail the incentive, the registration fee will rise up to 40 times. <table style="width: 321pt;"> </colgroup></colgroup> <tbody><tr> <td class="xl64" style="height:15.0pt;width:137pt">Proposed Fees</td> <td class="xl65" style="border-left-width: initial; border-left-style: none; width: 86pt;">New Registration</td> <td class="xl65" style="border-left-width: initial; border-left-style: none; width: 26pt;">Hike</td> <td class="xl65" style="border-left-width: initial; border-left-style: none; width: 46pt;">Renewal</td> <td class="xl66" style="border-left-width: initial; border-left-style: none; width: 26pt;">Hike</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Two-wheeler</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹1,000</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">20x</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹2,000</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">40x</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Three-wheeler</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹5,000</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">17x</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹10,000</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">33x</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Private car</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹5,000</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">8x</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹15,000</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">25x</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Taxi</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹10,000</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">10x</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹20,000</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">20x</td> </tr> <tr> <td class="xl69" style="height: 15.75pt; border-top-width: initial; border-top-style: none;">Medium and heavy vehicles</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹20,000</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">13x</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹40,000</td> <td class="xl71" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">26x</td> </tr></tbody></table>Source: <a href="https://www.rushlane.com/new-car-registration-free-12318654.html" data-type="tilCustomLink" target="_blank">Rush Lane</a> "The government also intends to increase the cost of ownership of old vehicles by raising charges for their registration renewal. We, however, believe the above policy measures will be unable to trigger much replacement demand and hence are unlikely to provide much of a boost to auto demand. First, the number of vehicles that are older than 15 years and still in active use is very limited. The owners of such vehicles will usually have limited financial capability to buy new or other vehicles in the secondary market (even if incentives are transferrable), and hence are less likely to go for this voluntary scrappage scheme," CLSA explained. Car makers have had to offer deep discounts to bring people into showrooms. These discounts are far more than the incentive available on registration renewals and yet, they have failed to revive demand for cars. The policy squeeze will be an added burden on the companies. SEE ALSO: <a href="https://www.businessinsider.in/gst-council-slashes-tax-on-evs-and-ev-chargers/articleshow/70407724.cms" data-type="tilCustomLink" target="_blank">Buy electric vehicles for less now, GST council slashes rate from 12% to 5%</a> <a href="https://www.businessinsider.in/nissan-may-lay-off-over-1700-employees-in-india/articleshow/70389996.cms" data-type="tilCustomLink" target="_blank">Nissan may lay off over 1,700 employees in India as car sales slow down</a> <a href="https://www.businessinsider.in/Top-10-electric-cars-that-people-are-excited-about/Tesla-Model-X-507990-searches/slideshow/70404198.cms" data-type="tilCustomLink" target="_blank">Top 10 electric cars that people are excited about</a>

India's push for electric vehicles is haemorrhaging car makers

India's biggest tax reform, the <keyword id="6359833" type="General" weightage="20" keywordseo="goods-and-services-tax" source="Orion">Goods and Services Tax</keyword> (<keyword id="6354679" type="General" weightage="20" keywordseo="gst" source="Orion">GST</keyword>), completes its half-a-decade journey on June 30, with many hits and some misses, and also brought about a paradigm shift in use of technology to bring about tax compliance and making over Rs 1 lakh crore revenue collection every month 'a new normal'. A nationwide Goods and Services Tax (GST), which subsumed 17 local levies like excise duty, <keyword id="6355686" type="General" weightage="20" keywordseo="service-tax" source="Orion">service tax</keyword> and <keyword id="6370857" type="General" weightage="20" keywordseo="vat" source="Orion">VAT</keyword> and 13 cesses, was rolled out at the stroke of midnight on July 1, 2017. Under GST, a four-rate structure that exempts or imposes a low rate of tax of 5 per cent on essential items and top rate of 28 per cent on cars is levied. The other slabs of tax are 12 and 18 per cent. In the pre-GST era, the total of VAT, excise, CST and their cascading effect led to 31 per cent as tax payable, on an average, for a consumer. Besides, there is a special 3 per cent rate for gold, jewellery and precious stones and 1.5 per cent on cut and polished diamonds. Besides, a cess is levied on the highest tax slab of 28 per cent on luxury, sin and demerit goods. The collection from the cess goes to a separate corpus — Compensation fund — which is used to make up for revenue loss suffered by the state due to GST rollout. GST also represents an unprecedented exercise in fiscal federalism as the Centre and states come together in the GST Council to thrash out modalities for smooth functioning of the relatively new tax regime. The Council has met 47 times so far and have taken measures which made Rs 1 lakh crore <keyword id="4943720" type="General" weightage="20" keywordseo="gst-collection" source="Orion">GST collection</keyword> per month 'a new normal' and on course to take the figure to Rs 1.4 lakh crore every month. As the government releases the June GST collection numbers on July 1, it is widely expected that the collections will follow the past four months' trend and be around Rs 1.4 lakh crore. The collections had touched a record Rs 1.68 lakh crore in April 2022, it had for the first time crossed Rs 1 lakh crore mark in collections in April, 2018. On the 5th anniversary of GST, <keyword id="4336899" type="General" weightage="20" keywordseo="Central-Board-of-Indirect-Taxes-and-Customs" source="Orion">Central Board of Indirect Taxes and Customs</keyword> (CBIC) tweeted "GST subsumed multiple levies and cesses, reduced compliance burden, removed regional imbalances and inter-state barriers, and significantly increased the transparency and overall Revenue collection". Over the past years the Government has been proactively issuing circulars and clarifications to clear doubts regarding taxation under GST and ensure ease of doing business. More recently, the GST Council, in its 47th meeting in Chandigarh, has decided to ease compliance for small taxpayers who supply through the e-commerce platform. Such suppliers, who make only intra-state supplies, need not seek GST registration if their annual turnover is less than Rs 40 lakh in case of goods and Rs 20 lakh in case of supplies. To help tax officers in administration, GST Network, which provides the technological backbone for the indirect tax regime, has been using artificial intelligence and machine learning to dish out newer data and plug revenue leakages. Tax experts, however, seek a simpler structure for Goods and Services Tax, a structure which would ensure seamless flow of input tax credit through the entire supply chain without losses. BDO India Partner and Leader - Indirect Tax Gunjan Prabhakaran said “over the past five years, the GST law has evolved and mitigated several issues faced by the taxpayers through timely clarifications and amendments. "However, the GST Council and the Government should quickly address few other hardships faced by taxpayers in relation to unwarranted and excessive issuance of show cause notices (for reconciliations of financial numbers, grant of registration, etc) and introduce a robust, technology driven single assessment process, which would achieve the twin objective of ease of doing business and remove the cascading effect of taxes". AMRG &amp; Associates Senior Partner Rajat Mohan said in the last five years, GST law has matured at a fast pace. First, the focus was on compliance and technology; sooner than later, it moved gears, and taxpayers were posed to self-regulate the annual filings. "Now it seems the law has entered the next phase whereby litigation needs to be reduced by either replacing ambiguous tax laws or clarifying the practical application of technical issues. Businesses expect the government to resolve all sectoral issues like would BPO/KPO qualify as an intermediary, tax credit for capital expenditure on building, levy of GST on Extra Neutral alcohol (ENA) etc," Mohan said. While the GST administration has moved forward with alacrity, it is still a long way to go to achieve the full potential of GST and make it a true 'good and simple tax'. With petrol, diesel, ATF outside GST, a large part of the economy is still not covered by the indirect tax regime. Inclusion of petroleum products under the GST net, could reduce cost for companies, tax experts say. With emerging technology, there is emergence of newer asset classes like the virtual digital assets (VDA) or cryptocurrency. There is a need for clarity on whether they would be classified as supply of 'goods' or 'services' and what would be the tax rate on them. Tax rate rationalisation is something which would happen sooner or later. Current inflationary concerns may have derailed the plans to tweak rates and GST slabs, but it would eventually be a reality as both the Centre and states need revenues and lesser slabs would mean a simplified tax regime. Besides, the decision makers in the Council too have to work out a solution as state governments, from July 1, 2022, stare at a stoppage of compensation for revenue loss due to GST implementation. When GST was rolled out on July 1, 2017, states were promised a compensation, from the cess fund, for five years if their GST collection falls short of the 14 per cent compounded revenue growth. Most states have sought an extension to the compensation mechanism and a final decision is likely to be taken at the next GST Council meeting in Madurai in the first week of August. Abhishek Jain, Partner Indirect Tax, KPMG in India, said going forward, the Government can consider setting up of Central authority to resolve conflicting AAR judgements across states and consider doing away with anti-profiteering provisions freeing businesses to set prices. "Further, bringing petroleum and electricity under GST ambit will help prevent cascading and ensure further uniformity. Lastly, some checks can also be incorporated on system generated GST notices, so as to avoid any unnecessary harassment of taxpayers," Jain said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/startups-like-unacademy-vedantu-blue-stone-caratlane-go-physical-from-digital-as-pandemic-boom-ends/articleshow/92564319.cms">Startups go physical from digital as pandemic boom ends</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/indian-credit-card-users-spend-40x-more-than-debit-card-users-online/articleshow/92543305.cms">Indian credit card users spend 40x more than debit card users online</a>

GST had its hits and misses but made ₹1.3 lakh crore monthly tax, the new normal

<keyword id="42747" type="CITY" weightage="100" keywordseo="Tata-Motors">Tata Motors</keyword> has announced its decision to reduce the prices of its passenger vehicles in a range of Rs 3300 to Rs 217000. "This will enhance the ease of doing business and usher in a new era for the economy in general and especially, for the automotive industry. Following the roll out of GST, we have decided to pass on the entire benefit to our customers. We are offering a price reduction of upto 12% ranging between Rs 3300 and Rs 217000 depending on the model and variant. With a strong focus to encourage positive buying sentiments, we have taken this step," said <keyword id="162478" type="PERSON" weightage="100" keywordseo="Mayank-Pareek">Mayank Pareek</keyword>, President, Passenger Vehicles Business Unit.

You Searched For "GST car prices" and got 9 results

GST Council tweaks tax rates; Waives interest, penalty on tax dues for first 3 years of rollout

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Gadkari asked states to pitch for reducing GST on flex engine vehicles

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54th GST Council meeting to take place on September 9 in New Delhi

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Auto stocks recover after Gadkari clarifies his '10% additional GST on diesel vehicles' comment

BI India Bureau

Rupee turns flat at 83.43 against US dollar in early trade

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Amazon India's revised seller fee next month may up prices for certain products

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India's push for electric vehicles is haemorrhaging car makers

Sriram Iyer

GST had its hits and misses but made ₹1.3 lakh crore monthly tax, the new normal

PTI

Tata Motors passes on GST benefits to customers; slashes prices by 12 %

BI India Bureau

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