GST Rate Cut

According to them, the Covid-19 pandemic has wreaked havoc on the travel, tourism and hospitality industry, resulting in a loss of Rs 15 trillion and putting up to 40 million jobs at risk

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Companies are optimistic that if the proposal does get accepted by the GST Council, it will certainly push demand ahead of the festive season and add heft to the recovery underway

The two-wheeler market in India is pegged at around 20 million units per year with lower than 150-cc bikes accounting for the bulk of sales

Says now onwards GST Council will consider any change in tax rates only once a year instead of in each and every meeting

We are working on simplifying the return filing process, but as for rates, (there will be no decision) before we see the report by the Finance Commission, he said

Minister of State for finance, Anurag Thakur said the government has already come out with slew of measures to address challenges faced by the auto industry

The availability of lithium-ion batteries will be a critical determinant of EV adoption by consumers

It also slashed the Goods and Services Tax (GST) on EV chargers from 18% to 5%

Other demands include pass-through for losses, tax cut on management fee

Durable, automobile and real estate players have been lobbying hard for a tax cut, saying it will boost demand

Oppn cries foul over announcement without consulting Council

From talking to businesses to printing new price lists, companies take steps to pass on GST cuts to consumers

GST rate cuts are credit negative because they will pressure the government's fiscal consolidation effort

To ensure that the prices are reduced, the anti-profiteering authority was set up in November last year

LG, Panasonic and Godrej Consumers have already announced a reduction in prices ranging from 7-8%

The recent move to cut rates, analysts say, should help boost sales, particularly in the consumer durable segment over the next few months

GST Council allows input credit, to reduce effective rate on fabric to 5% now from 12% earlier

CEAMA is understood to have pitched for a rate cut in four key categories -TV sets, washing machines, ACs and refrigerators

If the consumer has to benefit on the pricing front, the rate cut will have to be tax efficient to restaurants: NRAI President