Budget 2019 may likely ease tax burden on cars

Last Updated at: October 23, 2019
513
Budget 2019 may likely ease tax burden on cars

The government is looking to removing certain items that levy huge taxes under the GST regime. The automobile sector is most likely to be removed as it attracts 28% GST along with aircraft, star hotels, and personal-use items among others.

The auto sector has always been one of the fuelling factors of economic growth, employing 32 million people across the country. Anything that the sector benefits significantly impacts every sector.

At present, the industry has been facing a bad time and is expecting shutdowns. According to some reports, major seven manufacturers, including Tata Motors, Mahindra, Maruti Suzuki have announced factory shutdowns.

Get Your Business GSTIN Number

The sales of passenger vehicles witnessed the steepest drop in 18 years in May, with more than half a million vehicles lying unsold at dealerships. According to the Society of Indian Automobile Manufacturers (SIAM), for the month of April, the percentage of auto sales dipped by 16% annually. In total, the wholesale passenger vehicles sales declined by 17%, owing to various reasons. Even the government’s tax receipts are 5% lower than the last year.

With this crisis, the new government may have to walk a tightrope in the Budget.

Who can be the primary authorized signatory for GST registration?

All tax payment related communication from the GST Department is done via a primary authorized signatory.The promoter is hence mostly advised to be the authorized signatory. Understand the procedure for GST registration and GST returns here.

Why should I apply before commencing operations?

A Provisional SSI Registration Certificate (PRC) should be obtained before you start operations at your enterprise if you want clearances from regulatory bodies.More on Income Tax Return Filing.

I made an error in my ITR. Can I revise it?

Do not e-verify your ITR form when there are errors in it. Thus this would help to file the revised ITR form.Learn more about ISO Certification.

What is latest ISO standard?

The latest ISO standard is ISO 9001:2015. It is launched in place of the previous version- ISO 9001:2008. ISO standard boosts customer satisfaction.More info on NGO Registration in india.

When can an NGO be blacklisted?

The blacklisting of an NGO occurs if its funds are used illegally for personal interests or if it does not file its compliance regularly.More about Udyog Aadhar Registration.

Budget 2019 may likely ease tax burden on cars

513

The government is looking to removing certain items that levy huge taxes under the GST regime. The automobile sector is most likely to be removed as it attracts 28% GST along with aircraft, star hotels, and personal-use items among others.

The auto sector has always been one of the fuelling factors of economic growth, employing 32 million people across the country. Anything that the sector benefits significantly impacts every sector.

At present, the industry has been facing a bad time and is expecting shutdowns. According to some reports, major seven manufacturers, including Tata Motors, Mahindra, Maruti Suzuki have announced factory shutdowns.

Get Your Business GSTIN Number

The sales of passenger vehicles witnessed the steepest drop in 18 years in May, with more than half a million vehicles lying unsold at dealerships. According to the Society of Indian Automobile Manufacturers (SIAM), for the month of April, the percentage of auto sales dipped by 16% annually. In total, the wholesale passenger vehicles sales declined by 17%, owing to various reasons. Even the government’s tax receipts are 5% lower than the last year.

With this crisis, the new government may have to walk a tightrope in the Budget.

Who can be the primary authorized signatory for GST registration?

All tax payment related communication from the GST Department is done via a primary authorized signatory.The promoter is hence mostly advised to be the authorized signatory. Understand the procedure for GST registration and GST returns here.

Why should I apply before commencing operations?

A Provisional SSI Registration Certificate (PRC) should be obtained before you start operations at your enterprise if you want clearances from regulatory bodies.More on Income Tax Return Filing.

I made an error in my ITR. Can I revise it?

Do not e-verify your ITR form when there are errors in it. Thus this would help to file the revised ITR form.Learn more about ISO Certification.

What is latest ISO standard?

The latest ISO standard is ISO 9001:2015. It is launched in place of the previous version- ISO 9001:2008. ISO standard boosts customer satisfaction.More info on NGO Registration in india.

When can an NGO be blacklisted?

The blacklisting of an NGO occurs if its funds are used illegally for personal interests or if it does not file its compliance regularly.More about Udyog Aadhar Registration.

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A lawyer with 14 years' experience, Vikram has worked with several well-known corporate law firms before joining Vakilsearch.