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<keyword id="6359861" type="UNKNOWN" weightage="20" keywordseo="Veteran">Veteran</keyword> industrialist Adi Godrej will step down as chairman as well as from the board of directors of <keyword id="167591" type="COMPANY" weightage="20" keywordseo="Godrej-Industries-Ltd">Godrej Industries Ltd</keyword>, passing on the baton to his younger brother Nadir Godrej, effective October 1, according to a company statement. The 79-year-old industrialist will continue to serve as chairman of the <keyword id="133008" type="COMPANY" weightage="20" keywordseo="Godrej-group">Godrej Group</keyword> and chairman emeritus of GIL, said the statement. "Nadir Godrej, who is currently managing director of GIL, will take over as chairman and managing director of the company," it added. GIL is a holding company of the Godrej Group. It has significant interests in consumer goods, real estate, agriculture, chemicals and financial services through its subsidiary and associate companies, across 18 countries. Adi Godrej has served GIL for almost four decades. "It has been a privilege to serve <keyword id="113571" type="CITY" weightage="20" keywordseo="Godrej-Industries">Godrej Industries</keyword> for over four decades, during which we have delivered strong results and transformed our company," said Adi Godrej. He thanked the board for its support and guidance, his team members, business partners, shareholders, investors, and communities, for their continued partnership. "I am very confident that our best years are ahead of us, and I look forward to Nadir and our team achieving our exciting aspirations," Adi Godrej. In the statement, Nadir Godrej thanked his brother for his vision and leadership, which shaped the company. "On behalf of our team at Godrej Industries and our board, I want to thank our chairman for his vision, values and exceptional leadership that has guided and shaped our company. "Our leadership team is committed to building forward on these foundations; continuing to serve our people and communities, and creating long-term value for all our stakeholders," said Nadir Godrej said. On August 4, Adi Godrej announced to step down from the board of group's FMCG arm, Godrej Consumer Products Ltd (GCPL), effective next month. In GCPL, he already passed on the baton to his younger daughter Nisaba Godrej in 2017 as chairman. But, he will remain as chairman emeritus of the FMCG firm. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/india-now-has-four-edtech-unicorns-byju-unacademy-eruditis-upgrad/articleshow/85300757.cms">From Byju’s to Eruditus — India now has four edtech unicorns, thanks to a $4 billion funding inflow since 2020</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/realme-book-slim-laptop-launching-in-india-on-august-18-check-expected-price-and-specifications/articleshow/85299743.cms">Realme Book Slim laptop launching in India on August 18 – specs, expected price and everything we know so far</a>

Adi Godrej to step down as Godrej Industries' chairman and board of directors

<ul><li>TVS Automobile had acquired Mahindra First Choice, which has been rebranded as <keyword id="570702" type="COMPANY" weightage="20" keywordseo="MyTVS">myTVS</keyword>.</li><li>The company offers car maintenance and repair services to retailers, service garages and fleet operators post the purchase.</li><li>myTVS is looking to build a ‘super app’ to offer all car maintenance-related services in one app.</li></ul>myTVS, a subsidiary of <keyword id="190592" type="COMPANY" weightage="20" keywordseo="TVS-Group">TVS Group</keyword>’s digital unit <keyword id="11869400" type="UNKNOWN" weightage="20" keywordseo="ki-mobility-solutions">Ki Mobility Solutions</keyword>, has raised ₹375 crore from a fund managed by Europe-based Exor. The company plans to use this finding to scale its online-to-offline business model and expand its presence across India. myTVS focuses on offering car maintenance and repair services to retailers, service garages and fleet operators post the purchase of vehicles. The company aims to offer its solutions to 3 million customers, 20,000 service garages, 10,000 retailers and fleets in 270 cities across the country. Ki Mobility Solutions was launched by <keyword id="571965" type="ORGANIZATION" weightage="20" keywordseo="TVS-Automobile-Solutions">TVS Automobile Solutions</keyword>, a part of the automotive giant TVS Group, earlier in June. TVS Automobile Solutions also acquired <keyword id="11870270" type="UNKNOWN" weightage="20" keywordseo="mahindra-first-choice-services-limited">Mahindra First Choice Services Limited</keyword> (MFCSL) in November 2020, which has been brought under the Ki Mobility banner and rebranded as myTVS. Mahindra First Choice had a network of 475 franchise partners, 100 distributors in over 350 towns across 27 states and union territories. Ki Mobility Solutions, through myTVS, is now looking to build a ‘super app’ to offer greater access to end-to-end service requirements for its customers. These services would range from mechanical, diagnostics, roadside assistance, insurance and maintenance services. A part of the latest funding would also be used to build its cloud-based digital infrastructure to establish its lead in the after-purchase automotive market in business-to-consumer (B2C) space. Besides this, the company is also looking to launch a spare parts platform that will cater to the currently largely unorganised service garage market. It will allow online ordering of spare parts and delivery through efficient supply chain solutions. "Our end-to-end digital platform provides India’s business entrepreneurs’ an opportunity to grow in a fragmented market and will bring transparency and organised structure into the aftermarket segment,” R. Dinesh, director at TVS Automobile Solutions, said in a statement. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/with-pharmeasy-mobikwik-and-ixigo-all-set-to-hit-the-public-market-orios-plans-to-go-deeper-into-pre-ipo-bets/articleshow/85359703.cms">With PharmEasy, MobiKwik and ixigo all set to hit the public market, Orios plans to go deeper into pre-IPO bets</a> <a href="https://www.businessinsider.in/business/auto/news/tamil-nadu-government-is-upset-about-losing-money-on-luxury-cars/articleshow/85322536.cms">Tamil Nadu government is upset about losing money on luxury cars</a> <a href="https://www.businessinsider.in/business/startups/news/india-now-has-four-edtech-unicorns-byju-unacademy-eruditis-upgrad/articleshow/85300757.cms">From Byju’s to Eruditus — India now has four edtech unicorns, thanks to a $4 billion funds flowing in since 2020</a>

TVS Group’s car maintenance wing myTVS raises ₹375 crore to expand its network across India

<ul><li>Lok Sabha passed the <keyword id="6366282" type="DEFINITION" weightage="20" keywordseo="General-Insurance">General Insurance</keyword> Business (Nationalisation) Amendment Bill, 2021 on August 2.</li><li>The bill seeks to remove the requirement of the union government holding not less than 51% of the equity capital in a specified insurer.</li><li>Now this bill will bring in higher private sector participation in government held <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> companies.</li><li>This is in relation to the finance minister’s budget speech where she mentioned that the government wants to privatise two public sector banks and one general insurance company.</li></ul>The General Insurance Business (Nationalisation) Amendment Bill, 2021 was passed by the Rajya Sabha on August 11. The bill seeks to remove the requirement that the union government should hold 51% stake in a specified general insurer. With this bill, the government will progress its divestment plans and privatise one of the general insurance companies. The government hopes that this will lead to more people getting insurance in the country. Right now, less than four in every 100 Indians have any kind of insurance. With the move, foreign investors will be able to hold up to 74% in the divested general insurance company. A report by <a href="https://timesofindia.indiatimes.com/business/india-business/centre-to-scrap-51-holding-clause-to-privatise-insurer/articleshow/84747204.cms">Times of India</a> suggests that the government will privatise one of the general insurance companies from United India Insurance, National Insurance and Oriental Insurance. The Finance Minister had said in the budget it would privatise one of the public general insurance companies. This is in relation to India’s Finance Minister Nirmala Sitharaman’s budget 2021-22 speech where she had announced a big ticket privatisation agenda, which included two public sector banks and one general insurance company. There are four general insurance companies in the public sector -- National Insurance Company, New India Assurance Company, Oriental Insurance Company and the United India Insurance Company. So what difference will this bill bring? Firstly, this bill will aid the government to sell stakes in some general insurance companies to private sector companies. To put it into perspective, although public sector insurance firms have a bigger market share in the insurance industry, they have a bad financial health which restricts them from offering low cost affordable insurance products. This eventually hinders the growth of insurance penetration in the country. With the private sector getting some control over such companies, they would be able to infuse capital and get things working. United India Insurance posted a net loss of ₹1,485 crore in 2019-20 while National Insurance Company posted a loss of ₹4,100 crore. Lack of capital made it difficult for insurers to expand their reach to unpenetrated regions. India’s insurance penetration stood at 3.76% in FY20, which is much lower against the global average of 7%, as per Insurance Regulatory and Development Authority (IRDAI) data. The low insurance penetration data tells that a large section of the country is still uninsured. While the pandemic has already boosted awareness and the importance of having health coverage, the move to <keyword id="11845055" type="UNKNOWN" weightage="20" keywordseo="privatise-general-insurance">privatise general insurance</keyword> space might improve insurance coverage in the country. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/eruditus-is-indias-fourth-edtech-unicorn-valued-at-3-2-billion/articleshow/85267050.cms">Eruditus is India’s fourth edtech unicorn, valued at $3.2 billion</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/stellaris-venture-partners-closes-fund-2-to-make-bets-in-existing-portfolio-new-startups/articleshow/85261404.cms">Mamaearth and MFine-backer Stellaris Venture Partners closes second fund to make bigger bets in existing portfolio and up to 30 new startups</a>

New general insurance law will allow the government to privatise some state-owned insurers

<ul><li>The debate is over the incoming rules on e-commerce.</li><li>Some of the most sticky issues in the rules include ‘fallback liability’ and the crackdown on flash sales and deep discounts.</li><li>Online retailers argue that the platform cannot be held responsible for deeds of the seller.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>. </li></ul>The tussle between e-commerce giants ⁠— both existing ones like <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> as well as the ones like the over $120 billion Tata Group that is still building its online retail vertical ⁠— and India’s incoming regulations has burst out of closed doors. "When I see Tata Sons that they're objecting to some consumer benefit laws or regulations that I'm bringing in, then frankly it hurts," India’s Commerce and Industry Minister <keyword id="6355222" type="PERSON" weightage="20" keywordseo="piyush-goyal">Piyush Goyal</keyword> <a href="https://economictimes.indiatimes.com/news/economy/policy/tatas-objecting-to-consumer-benefit-laws-hurts-goyal/articleshow/85283877.cms">reportedly</a> said on August 12. The comments were made during the event hosted by the Confederation of Indian Industry (CII) and has since been reportedly removed. Goyal was referring to pushback from the e-commerce players against the <a href="https://prsindia.org/files/parliamentry-announcement/2021-07-21/CommentseCommerce_Rules2020_upto_21July2021.pdf">incoming norms</a>, which the government says are intended to protect the consumers in e-commerce. The deadline for seeking comments on the rules ended on July 21. While the rules at the centre of this debate are called ‘Consumer Protection (E-Commerce) Rules, 2020,’ Goyal’s comments largely reflect the fear of traders’ community, the Confederation of All India Traders (CAIT) and Delhi Vyapar Mahasangh, lobbies that have been revolting against online retailers, particularly, foreign players like Amazon and Flipkart (now owned by US-based Walmart). “Six crore small shops, related to retail business and employing almost 12 crore people, are being threatened now,” he said. These are some of the rules that are making online retailers like Amazon, Flipkart and the 150-year old Tata Group ⁠— which is trying to <a href="https://www.businessinsider.in/business/startups/news/tata-tryst-with-e-grocery-starts-with-a-billion-dollar-acquisition-of-bigbasket-heres-why-it-could-be-a-sweet-deal-for-both/articleshow/81478849.cms">build its online retail empire</a> with the acquisition of startups like <keyword id="964794" type="COMPANY" weightage="20" keywordseo="BigBasket">BigBasket</keyword>, 1mg and curefit ⁠— nervous. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rule proposed </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">E-commerce players’ argument </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Flash sales are not allowed </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Need more clarity </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fallback liability </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">The platform can’t be penalised for a seller’s act </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Deep discounts </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Taking away discounts hurts consumers </td></tr></tbody></table> “Fallback liability” makes platforms like Amazon and Flipkart, or any other platform for that matter, liable to compensate the consumer if the seller registered with the entity fails to deliver the goods or services exactly in the way described on the platform. “The concept of "Fall Back liability" should be done away with because it dilutes the intermediary safe harbour under the provisions of the IT Act as well as the arm’s length requirements provided under the FDI [foreign direct investment] Policy," industry body Internet and Mobile Association of India (IAMAI) had <a href="https://www.moneycontrol.com/news/business/startup/consumer-protection-rules-customers-to-get-negatively-impacted-say-e-com-firms-seeking-changes-in-proposed-rules-7204161.html">said</a> earlier. Online retailers are also under the scanner on various other issues Another issue that Amazon is facing is the antitrust probe for having exclusive tie-ups with makers of products like smartphones as well as for offering deep discounts. The Supreme Court of India, last week, <a href="https://timesofindia.indiatimes.com/business/india-business/sc-upholds-cci-probe-into-amazon-flipkart/articleshow/85197369.cms">allowed the probe</a> by the Competition Commission of India (CCI) to continue and told the companies to join the probe in four weeks. The Minister, Goyal, cheered this. “These companies even tried with their legal tricks to halt the investigation against them but it’s with extreme pleasure that I inform you that on the anniversary of ‘Quit India Movement’, the Supreme Court has quashed their plea. The apex court decided that CCI should investigate them and the fraudulent and unfair trade practices used by the companies as informed by the government and small shopkeepers to CCI.” Other outfits rail against online giants The e-commerce rules have been creating a lot of furore in India. Other political outfits like the Swadeshi Jagran Manch (SJM) have <a href="https://economictimes.indiatimes.com/news/india/rss-affiliate-suggests-changes-in-consumer-protection-e-commerce-rules/articleshow/84613325.cms">argued</a> that the rules are protecting only those who sell goods via online retail. The SJM wants the laws to protect service providers ⁠— the likes of hairdressers, plumbers and electricians who are employed via platforms like Urban Company. SJM is affiliated to the Rashtriya Swayamsevak Sangh (RSS), which is the ideological parent for the Bharatiya Janata Party (BJP) that is in power at the government in New Delhi. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/eruditus-is-indias-fourth-edtech-unicorn-valued-at-3-2-billion/articleshow/85267050.cms" data-type="tilCustomLink">Eruditus is India’s fourth edtech unicorn, valued at $3.2 billion</a> <a href="https://www.businessinsider.in/business/startups/news/travel-app-ixigo-files-for-a-1600-crore-ipo/articleshow/85292327.cms" data-type="tilCustomLink">Travel app ixigo files for a ₹1,600 crore IPO</a>

It’s not just Amazon and Flipkart ⁠— here’s why even the Tata Group is making Piyush Goyal angry

<ul><li>The government of <keyword id="20154" type="ORGANIZATION" weightage="20" keywordseo="tamil-nadu">Tamil Nadu</keyword> currently imposes 10% <keyword id="935478" type="PERSON" weightage="20" keywordseo="motor-vehicle-tax">motor vehicle tax</keyword> on four wheelers below ₹10 lakh and 15% on vehicles above the said amount.</li><li>Tamil Nadu accounts for almost 10% of all vehicles registered in India, according to the Ministry of Road Transport and Highways.</li><li>A car with a price tag of ₹10 lakh would cost over ₹12.8 by the time you can drive it out of the showroom.</li></ul>The Tamil Nadu government recently released a white paper ⁠— and the state’s Finance Minister Palanivel Thiagarajan echoed the sentiment ⁠— that complained that the tax on motor vehicles in the state had not changed in nearly 15 years. The statement only hints towards one direction, that the government has finally taken notice of the matter that had been lingering around for the past decade and a half. The state — which is also home to the automobile hub of India, Chennai — may also take some action to fix this in the near-future. The small to midsize-car owners and makers of cars ranging upto ₹20 Lakh — may still be able to sail past these potential policy updates. But the risk is much higher for luxury car owners and makers like Mercedes, BMW and any other car maker that sells cars at more than ₹20 lakhs a unit. This could even include the high-end cars from Indian auto giants like Tata Motors and Mahindra. If the Tamil Nadu government decides to act on the white paper, it would make at least one in every 10 cars sold in the country more expensive, at a time when car sales have been slow for over three years. Tamil Nadu is the third largest state in terms of vehicle registration , according to data <a href="https://vahan.parivahan.gov.in/vahan4dashboard/">shared</a> by the Ministry of Road Transport and Highways. As per the data, Tamil Nadu accounts for 10% of vehicles registered between 2017 to August 12 of 2021. Notably, Tamil Nadu currently charges 10% motor vehicle tax on vehicles below ₹10 lakh and 15% tax rate on vehicles above ₹10 lakh. The current car taxation policy in Tamil Nadu: <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Costs/Taxes </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amount </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cost of car </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10,00,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motor Vehicle Tax in Tamil Nadu (at 10% rate) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,00,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GST* (at 18% rate) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,80,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Road Safety Tax </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1500 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fee </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹600 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Service Charge </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹200 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹12,82,300 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>*GST ranges between 18-28% based on the size and engine power of the car. The government charges 28% GST or above on sports utility vehicles (SUVs) and luxury cars. As it is visible above, a car with a price tag of ₹10 lakh would be worth ₹12,82,300 by the time you can drive it out of the showroom. This also includes the Goods and Service Tax (GST) imposed by the Union government and split with the state government. Now, Finance Minister Thiagrajan’s worry is that the state is losing revenue and many people from neighbouring states like Kerala and Karnataka are registering their cars in Tamil Nadu because the taxes are lower. The Tamil Nadu government expects to collect a little over ₹6500 crore taxing new motor vehicles by FY22, Finance Minister Thiagarajan said in his state budget speech this week. He also added that the government expects a 12% growth rate in such revenue in each of the next two years. Tax on four wheelers in Tamil Nadu and neighbouring states: <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">States </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">For vehicles four wheelers upto ₹5 lakhs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">For purchase value upto ₹10 lakhs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">For vehicles between ₹15-₹20 lakhs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">For vehicles above ₹20 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://tnsta.gov.in/taxes_thirdschedule_sub.jsp">Tamil Nadu</a> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% of purchase price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% of purchase price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% of purchase price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% of purchase price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://www.coverfox.com/personal-finance/tax/road-tax/kerala/">Kerala </a> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% of purchase price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8% of purchase price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% of purchase price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20% of purchase price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://www.bankbazaar.com/tax/karnataka-road-tax.html">Karnataka</a> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">13% of purchase price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14% of purchase price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">17% of purchase price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">18% of purchase price </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> While the Tamil Nadu government is talking about taxing motor vehicles in general, the data shows that the multiple tax slab schemes been a major point of difference when compared to Karnataka and Kerala. The multiple tax slabs have allowed both Kerala and Karnataka government to charge much higher motor vehicle tax rate to customers buying luxury cars above ₹20 lakh. The other interesting bit here is that while Karnataka taxes motor vehicles more, it still ranks right after Tamil Nadu in terms of the number of vehicles registered in the state. This shows that the tax alone may not be the determining factor. As per the data <a href="https://vahan.parivahan.gov.in/vahan4dashboard/">shared</a> by the Ministry of Road Transport and Highways, Karnataka earned ₹49,782 crore and Tamil Nadu earned ₹44,031 crore in the same period. Kerala, despite not being mentioned as one of the top five states in terms of vehicle registration, was the fifth biggest collector with ₹30,950 crore revenue between the same time frame. Meanwhile, Tamil movie stars <a href="https://www.financialexpress.com/india-news/tamil-actor-vijay-gets-relief-from-madras-high-court-in-rolls-royce-ghost-car-tax-exemption-plea-case/2298732/">Vijay</a> and <a href="https://indianexpress.com/article/cities/chennai/dhanush-faces-hc-wrath-for-seeking-tax-exemption-for-imported-rolls-royce-7440719/">Dhanush</a> had recently approached the courts seeking tax waivers on their imported luxury cars. The courts rejected the plea. A slowing economy, lack of mobility due to lockdowns and increased work from home, has kept car sales in India on the slow lane for a while now. <div type="image" title="Tamil Nadu government is upset about losing money on luxury cars" msid="85322721" hostid="261"></div> Car sales growth rate witnessed a 21-year-low dip in December 2019, according to data<a href="https://economictimes.indiatimes.com/industry/auto/auto-news/reverse-gear-domestic-car-sales-plunge-for-the-10th-straight-month-down-41-in-august/articleshow/71044021.cms?from=mdr"> shared</a> by the Society of Indian Automobile Manufacturers (SIAM). COVID-19 further resulted in <a href="https://www.businessinsider.in/business/auto/news/covid-19-lockdowns-and-curfews-affecting-worlds-fourth-largest-automobile-market/articleshow/82195326.cms">shutting down </a>of production at original equipment manufacturers (OEMs), disrupted supply chain and reduction in consumer demand. Higher duties in states like Tamil Nadu could deter buyers even more. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/india-now-has-four-edtech-unicorns-byju-unacademy-eruditis-upgrad/articleshow/85300757.cms">From Byju’s to Eruditus — India now has four edtech unicorns, thanks to a $4 billion funds flowing in since 2020</a> <a href="https://www.businessinsider.in/business/startups/news/travel-app-ixigo-files-for-a-1600-crore-ipo/articleshow/85292327.cms">Travel app ixigo files for a ₹1,600 crore IPO</a> <a href="https://www.businessinsider.in/business/ecommerce/news/swiggy-reports-nearly-three-fold-increase-in-annual-revenue-in-neck-and-neck-race-with-zomato/articleshow/85233393.cms">Swiggy reports nearly three-fold increase in annual revenue, in neck and neck race with Zomato</a>

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