Auto industry body requests for reduction of GST rate from 28% to 18%

An apex auto industry body has requested the Central government for an immediate reduction in the Goods and Services Tax (GST) rates for automobiles to 18%.

Reiterating its request, the Society of Indian Automobile Manufacturers (SIAM) president Rajan Wadhera has urged for immediate relief to the industry by a reduction in the GST rates from existing 28% to 18%.

As per a statement by the SIAM, the need for an immediate reduction in GST rates has been agreed unanimously amongst all members of the automobile manufacturers including the two-wheelers original equipment manufacturer (OEMs).

This was also conveyed at a recent meeting with Finance Minister Nirmala Sitharaman, where all OEMs representing passenger vehicles, commercial vehicles, and two-wheelers had participated, informed the SIAM.