New Delhi sources have stated that the country's Finance Minister Arun Jaitley hinted that the tax rate on hybrid card will not be reviewed, saying the industry demands were not in sync with a study conducted by tax officers.
Previously the council had fixed 43% tax (28% GST plus 15% cess) on hybrid cars, a rate that industry felt was too high for the fuel efficient vehicles. Jaitley told reporters that "We have done a detailed study on auto industry demand and a paper has been made which will be circulated among members. And, if necessary, it would come up for discussion. The fact that is being presented, according to the paper, is not correct".
The GST Council, chaired by the Union Finance Minister and having state
counterparts as members, today lowered tax rates on 66 of the 133 items
demanded by various sections of the industry and the council in its previous
two meetings had put almost all goods and services in the tax brackets of 5,
12, 18 and 28% as it prepares to roll out the Goods and Services Tax (GST) from
Moreover Jaitley said the weighted average of all the rates decided by the council is significantly lower than the present tax incidence. As per the proposed rates under the GST regime, hybrid vehicles have been put in the same category as big petrol and diesel luxury cars attracting 28% rate with a cess of 15%.
Will Auto scrapping plants save India forex? Panaji sources have reported that Union Steel Minister Chaudhary Birender Singh said that setting up auto-shredding plants will not only help India save foreign exchange but also preserve its natural resources like iron ore for posterity. He said "It will reduce the dependence on present annual import of scrap of 5-6 million tonnes of shredded scrap in the country. Consequently, foreign exchange outgo will also be reduced.
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