Business Updates

45th GST Council Meeting – Latest GST Updates

45th GST Council Meeting - Latest GST Updates

On September 17, 2021, Finance Minister Nirmala Sitharaman chaired the first in-person GST Council meeting since the coronavirus pandemic began. The 45th meeting of the GST Council was conducted in Lucknow. The council members discussed a number of GST topics, including state compensation and revisions to GST rates on Covid essentials, whether or not the … Read more

Multiple Ways to Apply for MSME Loan

Multiple Ways to apply for MSME Loan

Every business needs funds. Without funding or capital, no business can be successful. In fact, businesses always need funds on a daily basis to carry out their operations. But if you are an entrepreneur or a startup, raising funds can be a challenging task. This article highlights the multiple ways to apply for MSME Loan. … Read more

FSSAI notified new Food Safety Standards for Vegan Food products.

FSSAI notified new Food Safety Standards for Vegan Food products.

A piece of Important news for Fruitarians or Vegans, and Vegan Product Businesses in India. The FSSAI has notified new Food Safety Standards and formulated a new safety code for Vegan food. The draft notification was issued on September 6, 2021. Thus, this article discusses the new notification by FSSAI on Vegan Food Products in … Read more

Reduced Penalty for late filing of Income Tax

Reduced Penalty for late filing of Income Tax

For the financial year 2020 to 2021, the time limit to file ITR (income tax return) is September 30th, 2021 (it expanded from the typical time limit of July 31st, 2021 owing to the Coronavirus). Till the previous year, if a levy payer missed the ITR filing time limit, the greatest Penalty they would have … Read more

Learn the Difference Between TDS and TCS

Learn the Difference Between TDS and TCS

TDS Return Filing is one of the most crucial components of financial management in Income Tax. People should maintain track of their earnings, Investments and make plans for a Life Insurance policy, a name plan, or another Tax-saving strategy. The government does not rely just on Income tax to fund its operations. It also receives … Read more

GST on Online Gaming Services

GST on Online Gaming Services

Gaming is no Exception in virtual reality that has become an important part of our life. The epidemic has also led to a transformation in children’s playgrounds. In India, both the income and consumption of the online gaming sector have grown exponentially. Online gaming is forecast to increase at a combined pace of 22 percent … Read more

Income Tax Benefits Available On Housing Loan

Income Tax Benefits Available On Housing Loan

The administration has given several Income tax benefits to the assessee on accommodation loans. Income Tax Act offers tax advantages on refunding a principal constituent of loan and refunding interest constituent of loan. In this article, we will discuss on Income Tax Benefits Available On Housing loans. Income Tax Benefits Available On Housing Loan Deduction … Read more

How To Start Paper Bag Business In India

How To Start Paper Bag Business In India

To Start a Paper Bag Business in India can be a profitable business for anyone in the long run. There are several reasons for this. The primary reason is that paper bags are a requirement of almost every industry in India. Secondly, the government in India is pushing forward environment-friendly solutions to several problems, including … Read more

GST Annual Return Filing- How to File GSTR- 9, Types & Eligibility

GSTR 9 Return Filing

The GSTR 9 is documentation submitted once per year by a taxpayer having GST Registration. This record will include all resources in the form and received underneath the several headings of tax (CGST, SGST, and IGST) throughout the whole year, including sales and audit information. In this article, we’ll learn about GSTR 9 Return Filing. … Read more

Government unlikely to trim GST on automobiles

Government-unlikely-to-trim-GST-on-automobile

The Automobile Industry is seeking lower GST rates. However, the government is unlikely to trim the GST on Automobiles. The Center has pondered on reducing GST for automobiles for some time. But currently, because sales are on the rise and the inventory has not been built up as a result of the shift from BS4 to BS6 emission standards, it does not appear likely to be. In this article, we will discuss the government’s decision and the latest updates related to GST on Automobiles in detail.

GST Rates on Automobiles

All automobiles in India attract a GST rate ranging between 18% and 28%. This rate excludes electric vehicles and ambulances.

GST is 5% for electric vehicles. On the other hand, the GST for the period up to 30 September is reduced to 12% for ambulances.

Under the current Tax Regime, A cessation is imposed between one and twenty-two percent, and State governments, in addition to this, collect a tax on roads.

Government unlikely to trim GST on Automobiles

Finance Minister Nirmala Sitharaman had stated this was certainly an excellent idea to trim GST Rates for two-wheelers at a meeting held at the chamber for the industry. She said it in response to a query regarding the requirement to decrease the GST rate on two-wheelers since this class was not either a sin goods category or a luxury.

But till now this subject didn’t make it to the GST Council. The Revenue Secretary Tarun Bajaj stated, however, that the administration is ready to consider a tariff review but has not undertaken any cutbacks.

Bajaj said in his conference organized by the Society of Indian Auto Manufacturers (SIAM) on Wednesday.

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Automobiles Industry on trimming GST Rates

The tax problem was one of the major topics of debate during the current SIAM meeting.

“With ICEs, CNG, biofuels, or EVs I do not think the auto sector could return if we don’t address the customer’s affordability issue,” said RC Bhargava, Chairman, Maruti Suzuki.

The high tax structure and additional expenditures incurred in complying with the new pollution and safety standards have made cars more costly and inexpensive for many.

Similarly, Hero MotoCorp NSE’s largest two-wheel automobile manufacturer requested the government to explore a phase-by-phase reduction in GST beginning with the tax rate on motorcycles of up to 150 cc in an 18% GST slab.

Lastly, Venu Srinivasan, Chairman of TVS Motor Company also states the same opinions. As per his opinion, The two-wheelers, which are the primary means of mobility in the country, attract GST at 28 percent, the highest level in comparison with luxury goods.

In addition, he mentions that the car industry has shifted from importing to assembly and manufacturing in India, with both local and MNCs making huge investments in design infrastructure, which offers direct and indirect employment to 30 million jobs. Thus, the Government should consider trimming GST Rates.

GSTR 8 Return Filing

Moreover, If you want any other guidance relating to GST Return filling, please feel free to talk to our business advisors at 8881-069-069.

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