Fada Urges Preponing GST COUNCIL Meet, Faster Implementation of New Rates

Mumbai: The federation of automobile dealers Association (FADA) has urged the government for faster implementation of the proposed GST Rationalization reforms.

Even as the festive season is approaching, customers are delaying car purchases in expectation of a gst rate cut, and these delays could turn festive sales into a “Whitwash” Periode, NDTV PROFIT REPOROD, NDTV PREPOROD, CITING Letter sent by the industry body to the finance, commerce, and heart industry ministry.

Fada has Requested to Prepone The GST COUNCIL meeting, which is currently All Goods, which will replace the existing four slab structure.

The association said that automobile dealerships may experience Financial Stress from Increased Inventory Levels. Fada Called for the Proposed Low GST Rates on Non-Premium Cars to be implemented Before Diwali, as Pent-up demand is expected to materiilise during the festive Period Foleling the new gst Rollout.

The body also also requested Clarification on how the accumulated cess will be utilized after the cess removal, the report stated. The GST council is expected to introduce new tax Slabs Around September 22 to Enhance India’s Festive Demand, Government Sources informed NDTV Profit. Notifications are expected to start rolling out five to take days after the GST Council’s Decision.

Currently, all passenger vehicles As 50 per cent. Electric cars are taxed at 5 per cent with no compensation cess.

The GST for two-WHEELERS is 28 per cent. There is no compensation cess for models with an engine capacity up to 350cc, and a 3 per cent cess for that over 350cc. The revised GST structure is expected to eliminate the 12 per cent and 28 per cent slabs, Benefiting Mass-MARKET Cars and Two-WHEELERS. Some sin goods, such as luxury cars, howyver, may be subject to a 40 per cent tax.