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<ul><li>The <keyword id="15478236" type="General" weightage="20" keywordseo="budget-2024" source="Orion">Budget 2024</keyword> will be tabled by the finance minister Nirmala Sitharaman on July 23.</li><li>The <keyword id="20081557" type="General" weightage="20" keywordseo="auto-industry" source="keywords">auto industry</keyword>’s expectations from the Budget 2024 include FAME 3 scheme, incentives for hybrids and more.</li><li>Here are the key expectations from the auto industry for the Budget 2024.</li></ul> The Budget 2024 is set to be tabled on July 23 by the finance minister Nirmala Sitharaman and like each sector, the Indian auto industry also has set a lot of expectations from the Narendra Modi-led government’s first budget of its third term. From a boost to electric vehicles to infrastructure development, the auto sector has a series of expectations that it hopes will be addressed in the upcoming budget. This article delves into the key budget expectations of the auto industry in India <h2>FAME 3 scheme</h2>The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME 2) has been integral for the electric vehicle (EV) makers as it has helped keep EVs affordable for the common man. With the government<a href="https://www.businessinsider.in/business/auto/news/government-is-reportedly-reworking-the-fame-ii-scheme-to-ensure-companies-use-domestic-components/articleshow/93752352.cms"> reworking</a> the FAME 2 scheme and then<a href="https://www.businessinsider.in/business/auto/news/electric-scooters-get-a-price-hike-of-up-to-16000-as-fame-subsidy-ends/slidelist/109136771.cms"> ending the scheme</a>, the prices of EVs have increased. <div type="Article" hostid="261" msid="111573138" title="Union Budget 2024: When will it be presented, what time, where to watch and what are various sectors expecting?" mstype="2" mssubtype="0"></div> With Budget 2024, EV makers will look towards the government for the FAME 3 scheme. The government is expected to announce the FAME 3 scheme with an outlay of ₹10,000 crore. While the exact details of the scheme will only be known once the budget is announced, it will be aimed at boosting demand by subsiding the cost, while also promoting local manufacturing of key components. “In the upcoming budget, we advocate for initiatives and subsidy structures without segment caps which will in turn foster innovation and growth across multiple segments. Recent discussions surrounding the implementation of FAME 3 present a notable opportunity to enhance EV adoption in India,” said Niraj Rajmohan, CTO and Co-Founder, Ultraviolette. "Proposed measures to promote e-buses and enhance payment security are crucial for accelerating sustainable transportation. Comprehensive support for the entire EV ecosystem is essential. Anticipated policy reforms like FAME-III and increased funding for critical EV segments will foster holistic industry growth," said Kartikey Hariyani, Founder and CEO, Charge Zone. <h2>Petrol and diesel under GST</h2>One of the frequent demands recently has been to bring petrol and diesel under goods and services tax (GST) to bring the fuel prices under control. Oil Minister Hardeep Singh Puri has said that the government will try to bring petrol and diesel under GST. At present, the central government levies excise duty on petrol and diesel, while the state government imposes value-added tax (VAT) and sales tax. <h2>Incentives for hybrids</h2>While electric vehicles have long been subsidised by both state and central governments, hybrids have not received the same love. Union Minister Nitin Gadkari had earlier this year<a href="https://www.businessinsider.in/business/auto/news/gadkari-vows-to-eliminate-petrol-diesel-vehicles-in-india-bats-for-lower-tax-for-hybrid-cars/articleshow/108936085.cms"> pitched</a> for lower GST on hybrid vehicles. “The proposal to reduce GST on hybrid vehicles to 5% and to 12% for flex engines has been sent to the Finance ministry which is considering the requisition,” Gadkari said. Companies like Maruti Suzuki have a strong presence in hybrids and have a lot to gain from incentives, while companies like Tata Motors who do not have hybrid technology may take a hit on EV sales. With the government looking to reduce dependence on petrol and diesel cars, hybrids may finally get some incentives in the upcoming budget. The UP government has already started offering incentives to select hybrid cars. <h2><keyword id="22433272" type="General" weightage="20" keywordseo="vehicle-scrapping" source="keywords">Vehicle scrapping</keyword></h2>Industry bodies such as the Society of Indian Automobile Manufacturers (SIAM) have sought incentives for vehicle scrapping. These are vehicles that have crossed a certain age and are being scrapped keeping in mind the pollution. While a policy is already in place, the stakeholders are looking for increased incentives, especially for commercial vehicles such as trucks and buses, which account for most of the emissions. <h2>PLI scheme</h2>Automakers are also looking for increased incentives under the Production Linked Incentive (PLI) scheme, for both ICE and EVs. Companies want the scheme to be expanded to more components, including tyres, which have seen a lot of changes. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/the-biggest-ipos-in-indias-history-lic-to-paytm-companies-that-have-raised-the-most-funds/articleshow/111690863.cms">The biggest IPOs in India’s history – LIC to Paytm, companies that have raised the most funds</a> <a href="https://www.businessinsider.in/business/auto/news/its-raining-discounts-maruti-suzuki-hyundai-tata-motors-and-others-offer-discounts-on-cars-as-sales-slowdown/articleshow/111688501.cms">It’s raining discounts – Maruti Suzuki, Hyundai, Tata Motors and others offer discounts on cars as sales slowdown</a> <a href="https://www.businessinsider.in/business/news/zomato-and-swiggy-increase-platform-fee-by-20-food-deliveries-to-get-costlier/articleshow/111758782.cms">Zomato and Swiggy increase platform fee by 20% – food deliveries to get costlier</a>

Budget 2024 Expectations: FAME scheme, aid for vehicle scrapping and other expectations of the auto industry

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

<ul><li>One of the biggest exclusions from the Goods and Services Tax (GST) regime is petroleum.</li><li>At the moment, the Centre levies excise duty while states levy value added tax (VAT) at different rates, leading to different rates of petrol and diesel in different parts of the country.</li><li>This could change if the <keyword id="6360789" type="UNKNOWN" weightage="20" keywordseo="Modi-government">Modi government</keyword> manages to bring petroleum under GST.</li><li>It could also make the rates uniform across the country and bring down prices.</li></ul>The Modi government could be gearing up to bring petroleum under the Goods and Services Tax (GST) regime, at a time when petrol prices have broken all past records and <a href="https://www.businessinsider.in/india/news/petrol-rates-with-additives-cross-100-mark-in-maharashtras-parbhani-district/articleshow/80907658.cms">breached the ₹100 mark</a> in several parts of the country. When it was rolled out in 2017, the GST regime brought a wide range of products and almost all services under its purview, and the latest to join this list could be petroleum – this is an issue that seems simple on the outset but is a lot more complicated than that. However, the Modi government could be aiming to put this issue behind it if Finance Minister Nirmala Sitharaman’s recent comments are anything to go by. We look at some signs that suggest the Modi government is pushing for bringing petroleum under the scope of GST. <cmsannotation type="cmsannotation" annotationid="Exhibit 1 – FM Sitharaman’s recent comments on the surge on fuel prices" comment="subhead" text="Exhibit 1 – FM Sitharaman’s recent comments on the surge on fuel prices">Exhibit 1 – FM Sitharaman’s recent comments on the surge on fuel prices</cmsannotation> In an address to the media recently, Sitharaman said that this is a “vexatious issue” and one that needs to be addressed by both the Centre as well as the states. “But to get fuel prices under GST needs to be a thorough discussion in the GST Council (comprising Centre and the states),” she <a href="https://www.timesnownews.com/auto/features/article/adding-petrol-and-diesel-to-gst-regime-could-bring-down-prices-nirmala-sitharaman/723049">said</a> in the address. Further, commenting on the fact that petrol prices are different in each state, she added, “That anomaly can be addressed if it is under GST. And that can be just one tax which can be shared by both Centre and State.” Currently, taxes on petroleum products are levied by both the Centre and the states. While the Centre levies excise duty, states levy value added tax (VAT). If petroleum is brought under GST, both the taxes would be merged and fuel prices across the country would be uniform. Sitharaman found <a href="https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51161">support</a> from the Reserve Bank of India’s governor, Shaktikanta Das, who urged the Centre and states to reduce taxes on petrol and diesel. This could also be seen as a nudge towards pushing both the sides to bring petrol and diesel under the ambit of GST. <cmsannotation type="cmsannotation" annotationid="Exhibit 2 – PM Modi says his government is committed to bring natural gas under GST" comment="subhead" text="Exhibit 2 – PM Modi says his government is committed to bring natural gas under GST">Exhibit 2 – PM Modi says his government is committed to bring natural gas under GST</cmsannotation> PM Modi gave a boost to calls for including natural gas under GST. He said, “We are committed to bringing natural gas under the GST regime; I want to tell the world to invest in India's energy sector,” <a href="https://www.livemint.com/news/india/govt-committed-to-bring-natural-gas-under-gst-pm-modi-11613562192653.html">adding</a> that this would help reduce prices as well. <cmsannotation type="cmsannotation" annotationid="There’s support from the opposition as well" comment="subhead" text="There’s support from the opposition as well">There’s support from the opposition as well</cmsannotation> Another shot in the arm for the Modi government is the fact that even the opposition wants petrol and diesel to be brought under GST. The issue has seen comments from former finance minister P Chidambaram <a href="https://www.financialexpress.com/india-news/bring-petrol-diesel-under-gst-immediately-says-p-chidambaram/1301560/">questioning</a> the government as to why this has not been done. <cmsannotation type="cmsannotation" annotationid="Why is it difficult to bring petroleum under GST?" comment="subhead" text="Why is it difficult to bring petroleum under GST?">Why is it difficult to bring petroleum under GST?</cmsannotation> Petroleum products contribute a significant amount of revenue to the states. For instance, VAT on petroleum products is as high as 40% in Maharashtra, <a href="https://timesofindia.indiatimes.com/city/mumbai/petrol-diesel-price-hikes-to-pour-rs-700-crore-into-maharashtra-govt-coffers/articleshow/76437241.cms">contributing</a> over ₹25,000 crore annually. <div type="image" title="Tax contribution to Centre and State" msid="81171040" hostid="261"></div> By being able to levy VAT on these products, the state governments have control over their revenues. Bringing petroleum under GST takes away that control as the Centre is the one in charge of fixing the rate of GST. Another issue is the rate of VAT on petrol and diesel varies wildly amongst states. While Maharashtra charges up to 40% on petrol, while Andaman and Nicobar charge just 6%. Levying a standard rate of GST on petrol would mean that the prices increase dramatically in Andaman and Nicobar, but on the flip side, they would fall in Maharashtra if the cumulative rate is lower than the current rate. This throws up two issues – while the common person would end up paying more for petrol in Andaman and Nicobar, the Maharashtra government would lose out on revenue as GST would lower the effective rate of tax on petrol. SEE ALSO: <a href="https://www.businessinsider.in/india/news/checkout-viral-memes-and-jokes-on-social-media-around-petrol-price-in-india/articleshow/81085815.cms">The painful surge in fuel prices in India has led to some hilarious memes and videos on Twitter and Instagram</a> <a href="https://www.businessinsider.in/india/news/petrol-rates-with-additives-cross-100-mark-in-maharashtras-parbhani-district/articleshow/80907658.cms">Petrol rates with additives cross ₹100 mark in Maharashtra's Parbhani district</a> <a href="https://www.businessinsider.in/india/news/petrol-and-diesel-will-become-cheaper-by-5-in-assam-only-from-today-midnight/articleshow/80876847.cms">Assam is making fuel and alcohol cheaper to woo voters ahead of the Assembly Elections in April</a>

Signs that Modi government wants to bring petrol and diesel under GST – and the reasons why it is difficult

<ul><li><keyword id="6355988" type="COMPANY" weightage="20" keywordseo="assocham">ASSOCHAM</keyword> (Associated Chambers of Commerce and Industry) of India has suggested to rope in <keyword id="84980" type="ORGANIZATION" weightage="20" keywordseo="petroleum">Petroleum</keyword> products into the Goods &amp; Services Tax (<keyword id="6354679" type="DEFINITION" weightage="20" keywordseo="gst">GST</keyword>) net. </li><li>The Centre earned a whopping ₹2.4 trillion as excise duty from the petroleum sector in the 2017-18 fiscal. </li><li>The chamber also suggested relaxation on GST to restaurants and real estate sectors.</li></ul>Petroleum products should be brought under the Goods &amp; Services Tax (GST) ambit, according to industry body ASSOCHAM (Associated Chambers of Commerce and Industry). ''The two-year period for keeping petroleum products outside GST is almost over. Also, these products being outside GST leads to increase in cost for businesses. Therefore, these products should be brought under the GST," Asscham’s memorandum to the GST Council said. The industry body said that this move will help streamline businesses and seamless credit of Input Tax Credit (ITC). Some of the many taxes that petroleum products now attract includes, local and state taxes such as <keyword id="6391795" type="UNKNOWN" weightage="20" keywordseo="stamp-duty">stamp duty</keyword>, vehicle tax, mandi tax and road tax. Bringing it under GST can minimize the surging effect of taxes. In return, Assocham wants some relaxation on GST to restaurants and real estate players. It also sought clarity on the tax imposed on international transactions. The Centre collected a large chunk of its taxes from petrol and diesel due to the increasing rates during November 2014 to January 2016 period. It earned nearly ₹2.4 trillion as <a href="https://www.livemint.com/Industry/VfkjBX4mdrO24LnteA1BBN/Reduction-in-taxes-best-solution-to-check-fuel-price-rise-A.html">excise duty</a> from the petroleum sector in 2017-18 fiscal.

Petrol and diesel should come under GST, says industry body Assocham

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="6354691" type="General" weightage="20" keywordseo="Air-travel" source="Orion">Air travel</keyword> is expected to get costlier as oil marketing companies on Wednesday raised the <keyword id="59621" type="General" weightage="20" keywordseo="aviation-turbine-fuel" source="Orion">aviation turbine fuel</keyword> (ATF) prices for the second time in February. In the national capital, the price of jet fuel was raised to Rs 90,519.79 per kilolitre from Rs 86,038.16 per kilolitre. In the other metro cities of Kolkata, Mumbai and Chennai, the price was increased to Rs 94,888.70, Rs 88,987.20 and Rs 93,371.18 per kilolitre, respectively. The hike is expected to impact aviation companies' finances that are under huge stress amid high debt. Fuel retailers revise <keyword id="487582" type="General" weightage="20" keywordseo="jet-fuel-prices" source="Orion">jet fuel prices</keyword> on a fortnightly basis. At present, fuel based expenses account for over 30 per cent of the overall operating cost of an airline. India, currently, has some of the world's highest rates of taxation on the ATF which massively drives up the <keyword id="549738" type="General" weightage="20" keywordseo="fuel-cost" source="Orion">fuel cost</keyword> component. The industry has been urging the Centre to include the fuel type in the ambit of GST, similar to the status given to '<keyword id="13191410" type="General" weightage="20" keywordseo="Bunker-Diesel" source="Orion">Bunker Diesel</keyword>' which is used in the shipping sector. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/crude-oil-price-hits-100-a-barrel-due-to-growing-tensions-between-russia-and-ukraine/articleshow/89631242.cms">Brent crude price hits $100 a barrel</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/russian-invasion-of-ukraine-can-happen-anytime-now-says-white-house/articleshow/89630812.cms">Russian invasion of Ukraine can happen anytime now, says White House</a>

Air travel to get costlier as jet fuel prices rise further

New Delhi, Jan 29 () Ahead of the Union Budget, the Oil Ministry has made a renewed pitch for inclusion of natural gas in the ambit of GST to promote the use of the environment-friendly fuel by reducing multiplicity of taxes and improving business climate.
 When the Goods and Services Tax (GST) was introduced on July 1, 2017, amalgamating 17 central and state levies, five commodities namely crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) were kept out of its purview given the revenue dependence of state governments on this sector.
 "Currently natural gas is taxed under the VAT regime with VAT ranging from 3 per cent to 20 per cent across states," the ministry said in a booklet it brought out to promote the use of the fuel in automobiles, household kitchens, and industries.
 If brought under GST, natural gas will attract a uniform rate of tax at the consumption point anywhere in the country after doing away with current rates of excise duty and VAT.
 This, it said, would "result in an increase in state domestic product and socio-economic development owing to increased economic activities" which will lead to improved employment opportunities.
 Also, it would lead to improved investor confidence and attract more investment in natural gas infrastructure in the country, the booklet said, adding that a positive impact on environment and health due to reduction in carbon emissions across major cities was another advantage.
 "As gas is not under the ambit of GST, there is no input tax credit available. Further, the downstream industries are not able to claim the benefit of the tax credit of VAT paid on purchases of natural gas which is available for alternate fuels/feedstocks," the booklet said.
 Oil Minister Dharmendra Pradhan too has been making a vehement pitch for the inclusion of gas in the GST.
 "We believe natural gas as also aviation turbine fuel (ATF) can be included in the GST regime," he had said on Monday.
 Including ATF and natural gas will not just help companies set off tax that they paid on input but will also bring about uniformity in taxation on the fuels in the country, he had said. "Including natural gas in GST is said to be one of the biggest drivers of not just consumption but will also incentivize producers to spend more on finding and producing more gas as well as incentivize importers to bring in more LNG."
 Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget for 2020-21 fiscal on February 1.
 ATF makes up for almost a third of the cost of an airline and rates vary from state to state depending on local VAT.
 A uniform GST would also push the usage of environment-friendly natural gas, whose share in the energy basket the government wants to increase to 15 per cent by 2030 from current 6.2 per cent.
 Pradhan said the GST Council, the highest decision-making body of the new indirect tax regime, should take a decision in favour of these two fuels at the earliest.
 The Council is headed by Union Finance Minister and comprises representatives of all states and union territories.
 Under the existing structure, both natural gas and ATF attract the Centre's excise duty and a state's value-added tax (VAT). Both these and all other levies will get subsumed under GST if they are brought under its ambit.
 The decision on their inclusion depends on the financial position of states as revenues from these five petroleum products constitute a substantial chunk of state government finances.
 Barring a few, most of the states are incurring revenue shortfall as GST subsumed a dozen of their taxes, introducing the single levy, in a bid to simplify taxation system and remove the cascading effect of 'tax on tax' in the country.
 According to the industry, keeping ATF and natural gas out of the GST net is increasing the cost of these products as tax on inputs is not being credited against the sale of these products, which ultimately, adds to the cost of production.
 The Aviation Ministry has time and again sought inclusion of ATF under GST as any surge in international oil rates gets reflected in domestic jet fuel prices, leading to costlier air tickets.
 Natural gas is widely used as industrial input by a variety of industries - from power to steel - and it coming under GST would help eliminate the cascading impact of taxes, bringing down prices of CNG and piped natural gas. ANZ RVK

Oil Min pitches for inclusion of natural gas in GST

New Delhi, Dec 5 () Oil Minister Dharmendra Pradhan on Thursday hoped that Finance Minister Nirmala Sitharaman will signal the inclusion of jet fuel and natural gas under the ambit of GST to reduce multiplicity of taxes and improve the business climate.
 When the Goods and Services Tax (GST) was introduced on July 1, 2017 amalgamating 17 central and state levies, five commodities namely crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) were kept out of its purview given the revenue dependence of state governments on this sector.
 "Our expectation is that in the coming Budget, ATF and natural gas is included in GST," he said at a FICCI conference here.
Finance Minister is scheduled to present the Union Budget for 2020-21 fiscal on February 1.
 Including ATF and natural gas will not just help companies set off tax that they paid on input but will also bring about uniformity in taxation on the fuels in the country.
 Including natural gas in GST is said to be one of the biggest drivers of not just consumption but will also incentivize producers to spend more on finding and producing more gas as well as incentivize importers to bring in more LNG.
 ATF makes up for almost half of the cost of an airline and rates vary from state to state depending on local VAT.
 A uniform GST would also push the usage of environment-friendly natural gas, whose share in the energy basket the government wants to increase to 15 per cent by 2030 from current 6.2 per cent.
 Pradhan has been making a case for the GST Council - the highest decision-making body of the new indirect tax regime - to take a decision in favour of these two fuels at the earliest.
 The Council is headed by Union Finance Minister and comprises representatives of all states and union territories.
 Under the existing structure, both natural gas and ATF attract the Centre's excise duty and a state's value-added tax (VAT). Both these and all other levies will get subsumed under GST if they are brought under its ambit.
 The decision on their inclusion depends on the financial position of states as revenues from these five petroleum products constitute a substantial chunk of state government finances.
 Barring a few, most of the states are incurring revenue shortfall as GST subsumed a dozen of their taxes, introducing the single levy, in a bid to simplify taxation system and remove the cascading effect of 'tax on tax' in the country.
 According to the industry, keeping ATF and natural gas out of the GST net was increasing the cost of these products as a tax on inputs is not being credited against the sale of these products, which ultimately, adds to the cost of production.
 The aviation ministry has time and again sought inclusion of ATF under GST as any surge in international oil rates gets reflected in domestic jet fuel prices, leading to costlier air tickets.
 Natural gas is widely used as industrial input by a variety of industries - from power to steel - and it coming under GST would help eliminate the cascading impact of taxes, bringing down prices of CNG and piped natural gas. ANZ ANZ ANU
ANU

Pradhan hopes coming Budget will signal inclusion of ATF, natural gas in GST

New Delhi, Apr 17 () Auto industry body SIAM on Friday said it has sought temporary GST rate cut on vehicles and introduction of incentive based scrappage policy from the government at the earliest in order to revive the sector amid the coronavirus pandemic. While appreciating RBI's announcement to support NBFCs and MSME sector by infusing liquidity in the system, the Society of Indian Automobile Manufacturers (SIAM) sought several 'key interventions' for the the auto sector. "COVID-19 has left the Indian economy and automobile industry in deep distress and financial support and demand revival is a necessity," SIAM President Rajan Wadhera told . COVID-19 is an unprecedented situation and hence requires unique measures, he added. "SIAM is hopeful that the lending rates would be slashed substantially for consumers to benefit in these challenging times," he added. In order to revive the auto industry, SIAM has sought temporary reduction in standard GST rate by 10 per cent across all vehicle categories, auto components while maintaining the current product segment GST rate differential, Wadhera said. The auto industry body has also sought introduction of incentive based vehicle scrappage scheme to generate demand. "The incentives can be in the form of 50 per cent rebate in GST, road tax and registration charges," he added. SIAM has also asked for fund allocation for diesel/CNG bus procurement by state transport undertakings, over and above the allocation for electric buses under FAME 2 scheme, Wadhera noted. Besides, it has also asked to expedite release of all pending payments to vehicle manufacturers and contractors of highway and infrastructure projects against past procurement by central government and other agencies to increase liquidity in the system, he added. Wadher said SIAM has also asked for fast track disbursement of all government incentives and benefits to all industries. "The automotive industry is the backbone of manufacturing sector in India in terms of employment and contribution to GDP, and its revival will be critical for the manufacturing sector and economy of India," he added. MSS RVK

COVID-19: SIAM seeks GST rate cut, incentive based scrappage policy to revive auto sector

Education, healthcare and pilgrimages will continue to be out of service tax even under the <keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword> regime as the Centre is against giving any shock in the first year of the rollout by bringing in new services, according to a <keyword id="6367495" type="COMPANY" weightage="20" keywordseo="PTI">PTI</keyword> news report. 
 Besides making a strong case to the <keyword id="6355040" type="ORGANIZATION" weightage="20" keywordseo="GST-Council">GST Council</keyword> for not touching services that are out of tax net currently, the Centre will also pitch for keeping concessional rate for services like transport at the current level, Revenue Secretary <keyword id="6377137" type="PERSON" weightage="20" keywordseo="Hasmukh-Adhia">Hasmukh Adhia</keyword> told PTI in an interview. 
 The GST Council, headed by Union <keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> and comprising representatives of all states, is scheduled to meet in <keyword id="41568" type="COMPANY" weightage="20" keywordseo="Srinagar">Srinagar</keyword> on May 18-19 to decide on rates various good and services will be charged in the new indirect tax regime that is being targeted for rollout from July 1. 
 <keyword id="265326" type="ORGANIZATION" weightage="20" keywordseo="Adhia">Adhia</keyword> said the endeavour would be to maintain the current tax incidence on a commodity or service at the same level in the new Goods and <keyword id="645517" type="COMPANY" weightage="20" keywordseo="services-tax">Services Tax</keyword> (GST) regime. 
 
GST will subsume central levies like excise duty on manufactured products and service tax on rendering of services as well as state VAT on sale, to make for a national sales tax that will be levied at the time of consumption of a product or service. 
 
Adhia said the approach for the GST rollout would be to avoid any shock in the first year and any review for inclusion of a service or change in rate could be done in the second or third year of the implementation based on revenue realisation. 
 
"Our entire purpose will be that we don't upset anything that is there now. We will try to do some smooth landing. So we will recommend to GST Council that whatever is the existing exemption list for service tax they should continue because we cannot do too many things at the same time," he said. 
 
Currently, there are 17 items in negative list of services on which service tax is not levied. 
 
On top of that there are over 60 services, like religious pilgrimage, healthcare, education, skill development, journalistic activities which are exempt from service tax. 
 Rajat <keyword id="1051" type="PERSON" weightage="20" keywordseo="Mohan">Mohan</keyword>, Director at tax consultant <keyword id="2632542" type="COMPANY" weightage="20" keywordseo="Nangia-Co">Nangia &amp; Co</keyword>, said: "GST is the biggest change that our country would see in last 50 years. I see that it was imperative that the government should continue exemptions on the current list of services which are tax neutral under the service tax regime." 
 
"I am ecstatic that there would be no levy of GST on services rendered by Government, Reserve Bank of India, public conveniences, educational institution, services relating to agriculture, transmission or distribution of electricity, renting of residential dwelling for use as a residence, burial, healthcare, specified schemes of general insurance etc," Mohan said. 
 
Mohan, however, felt that this might lead to cascading effect of taxes, but by maintaining the status quo government has ensured that neither the consumer nor the small and medium-sized companies are not in a state of shock. 
 
Asked if these services would be kept exempt from GST, Adhia said: "We presume so... We will recommend to the GST Council that whatever is in the exemption list they should continue in the first year." 
 
He said the main service tax rate will be standard rate of 18 per cent. 
 
"But there may be items of services where abatement (concessional rate) is given for valid reasons. So those items, because there will be no provision for abatements (in GST), we will have to fit them in the rates closed to the present incidence," he said. 
 
The GST Council has approved a four-rate tax structure of 5, 12, 18 and 28 per cent. 
 
Adhia said transport sector, for example, currently gets abatement of 60 per cent and only 40 per cent of the present service tax rate of 15 per cent is being collected. 
 
And so, the tax in the GST will be fixed in the closes bracket of 5 per cent, he said. 
 
Asked if rates for certain services will go up because current tax rate is 15 per cent and the nearest bracket that would not upset the revenue collections is 18 per cent, he said, "some services may become a little more expensive." 
 
The exact ones that become expensive or cheaper will be decided by the GST Council, he said. 
 On the issue of crude oil, petrol, diesel, aviation turbine fuel (<keyword id="44833" type="ORGANIZATION" weightage="20" keywordseo="ATF">ATF</keyword>) and natural gas being kept out of GST net for the time being by continuing with existing taxes of excise and VAT, Adhia said the GST Council decided that to give states comfort of revenue collections. 
 
"For them it is some kind of a risk insurer. That 30 per cent income is already assured. Now 70 per cent (of products and services) they are putting it into the common kitty," he said. 
 
States, he said, want to wait and see how much revenue is generated in the GST regime. 
 
"So, after a year or two if they find that the buoyancy (in tax revenues) is good, they could very well like to bring it (petroleum products) in GST," Adhia added.

No GST for education and health
care this year

In case you were too contended with Reliance Jio’s free voice call facility and imagining life to be as smooth as well, here’s a reason to make you worry. As the GST or Goods and Service Tax gets operational next April, you may expect telecom bills to go up. 
The government has recently unveiled a four-tier GST structure, with rates of 5%, 12%, 18% and 28%, but has yet to announce segment wise rates. The sector is already being charged 15% of tax. While 12% GST would mean a major cut in the tax, experts believe the telecom industry won’t be given such leniency. 
 
"Since telecoms is an essential service under Essential Services Maintenance Act, 1968, it was imperative that the GST rate should have been aligned with the merit rate of tax applicable for essential products and services, which is way below 15%,” Rajan Mathews, director-general of the Cellular Operators Association of India. COAI represents Bharti Airtel, Vodafone India, Idea Cellular and Reliance Jio Infocomm told the Economic Times. 
 
A higher GST rate, he said, would hurt the common man the most and stymie growth of this critically important infrastructure sector. "It will have an inflationary effect on the overall cost of provisioning telecom services and increase costs for subscribers,” Mathews told ET. Consumers of mobile services would see an effective 3% rise in monthly cellphone bills with the GST rate pegged at 18% - this means, a consumer now paying a monthly bill of Rs 1,000 will have to spend Rs 30 more. 
 
Mathews said continuation of central excise duties and state sales taxes on petro-products would also have a cascading impact on telecom companies, especially tower operators, since the telecom sector is the second-biggest buyer of diesel after the railways.

Your phone bills to get expensive, thanks to the GST

In a bid to pass on the benefits of the soon-to-be rolled out Goods and Services Tax (<keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword>), <keyword id="106216" type="CITY" weightage="20" keywordseo="Ford-India">Ford India</keyword> is rolling out discounts of up to Rs 30,000 on several cars. <keyword id="6355174" type="CITY" weightage="100" keywordseo="Ford">Ford</keyword> is giving heavy discounts on EcoSport, Aspire and Figo. You can avail discounts on EcoSport in the range of Rs 20,000 to Rs 30,000. It is now priced between Rs 7.18 lakh and Rs 10.76 lakh (ex-showroom Delhi). On the other hand, Figo and Aspire are cheaper in the range of Rs 10,000 to Rs 25,000 depending upon the variant. While Figo is priced between Rs 4.75 lakh and Rs 7.73 lakh while Aspire compact sedan is tagged between Rs 5.44 lakh and Rs 8.28 lakh (all prices ex-showroom Delhi). "We are happy to pass on (to customers) the expected benefits of GST ahead of its actual implementation," Ford India VP Sales Vinay Raina told PTI. Last week, German luxury car maker Audi had slashed prices of its models in India by up to Rs 10 lakh till June 30. Large cars are expected to become cheaper due to lower tax incidence under GST as compared to the current system. Under the GST regime, cars will attract the top rate of 28 per cent with a cess in the range of 1 to 15 per cent on top of it. While small petrol cars with engine less than 1,200 cc will attract 1 per cent cess, those with a diesel engine of less than 1,500 cc will attract 3 per cent cess. Large cars with engine greater than 1,500 cc and SUVs with length more than 4 metres and engine higher than 1,500 cc will attract cess of 15 per cent.

You Searched For "diesel under GST" and got 14 results

Budget 2024 Expectations: FAME scheme, aid for vehicle scrapping and other expectations of the auto industry

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

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

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Air travel to get costlier as jet fuel prices rise further

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No GST for education and health care this year

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