The Automotive Component Manufacturers Association (ACMA), the apex body of the Indian auto component industry reiterated the need for a uniform 18% GST rate on all auto components in its recommendations for the Union Budget 2020. Given the sector is challenged due to the prolonged slowdown, the industry association that represents over 850 companies in the auto component sector recommended, supportive measures that would enable revival of automotive growth and a smooth transition to the next phase in the year to come. The automotive industry in India is undergoing a significant transformation due to new regulations and policy changes, ACMA noted.
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