‘GST cut alone will boost auto industry’

  • | Saturday | 17th August, 2019

BC Datta, vice-president of Hyundai, said, “Uniform GST rate for auto component manufacturers and injecting liquidity into NBFCs is a positive move but we feel the government should have considered the auto manufacturers’ request as it will reduce the prices of passenger cars and could have wooed customers.”The concern of auto manufacturers is echoed by auto component manufacturers also. An auto component manufacturer said that currently the production cut across India was 22 pc to 25 pc, impacting over 20,000 auto component manufacturers. This is apart from the 830 registered members who come under Automobile Component Manufacturers Association. Currently, one lakh people in auto component industry have lost jobs, 2.5 lakh people in the dealerships and 15,000 in the vehicle industry, an auto component manufacturer claimed. It is learnt that auto component manufacturers demanded a uniform GST of 18 per cent besides improving liquidity and scrapping or recycling policy for vehicles in India.

Read Full Article Here

If You Like This Story, Support NYOOOZ



Your support to NYOOOZ will help us to continue create and publish news for and from smaller cities, which also need equal voice as much as citizens living in bigger cities have through mainstream media organizations.

Stay updated with all the Chennai Latest News headlines here. For more exclusive & live news updates from all around India, stay connected with NYOOOZ.

Related Articles