Even as auto sales plunged to a multi-decade low in August, the government remains hesitant about the idea of GST rate cuts for the sector. Some states and the GST fitment committee are against the idea of GST rate cut as it would lead to a massive loss in tax collection.
On the other hand, the auto industry is experiencing a free fall as the month of August witnessed domestic sales plunge 31.57 per cent on a year-on-year basis to 1,96,524 units.
With the release of August sales data, the auto sector has been stung by the 10th consecutive month of decline in sales the worst-ever fall since sales data recording started in 1997-98, according to data released by Society of Indian Automobile Manufacturers (SIAM). With just 10 days left for the first GST council meet under modi 2.0 to take place, a lot of confusion remains over GST rate cut for the auto sector.
Gold demand could improve in October due to Diwali festival and discounts could narrow Reportedly gold demand in top-consumer China was subdued this week as investors awaited outcome of crucial trade negotiations with the United States, while purchases in India during a key festival were lower than usual because of higher prices. India celebrated Dussehra festival on Tuesday, when buying gold is considered auspicious.
- Banks started using credit score of potential buyers to fix interest rate on loans
- Mukesh Ambani richest Indian Adani claimed second position
- India likely to limit palm oil import from Malaysia over J&K remark
- Oil companies to Air India: pay monthly or will cut fuel supply
- Niti CEO to decide on private rails, stations, not railway
- RSS and BJP lock horns over regional trade grouping
- Malvinder Singh former CEO of Ranbaxy arrested
- SBIs one year MCLR brought down from 8.15% pa to 8.05% pa
- Johnson & Johnson fined 8 billion dollars for not informing consumer of some drugs that grows Male breast
- Former PMC BANK MD kept in Police custody till October 17
- Ravi Prakash arrested now khaidi no. 4412
- US said it would slap 10% tariffs on European-made Airbus
- Accused gathered information online on committing murder
- Thomas Cook enables customers to get refunds within 60 days of receiving refund forms
- Petrol and Diesel recorded in Maharashtra's Parbhani at Rs 81.93/litre and diesel Rs 71.31/litre