Heavy Industries Minister Anant Geete Urges Arun Jaitley to Reduce GST Rates to Boost Growth
Under the new GST regime, cars attract the top tax rate of 28%. On top of this, a cess of 1-15% is levied on them to create a corpus to compensate states for loss of revenue from GST implementation.
(Image for representational purpose/Reuters)
Heavy Industries Minister Anant Geete has urged his finance counterpart Arun Jaitley to reduce GST rates for the automobile sector to boost its growth. "With all the applications that I have received from the automobile sector for reduction in GST (Goods and Services Tax) rates, I have included my suggestions on the same and requested the finance minister to think in this direction," Assocham today quoted Geete as saying.
Geete stated this while addressing Assocham's manufacturing summit, the industry body said. He was also emphatic on the need to make officials in government departments accountable just like the private sector "whereby action is taken against the top authority for any violation or accident". Further, he said countries like China, Japan and Korea are ahead of India in terms of manufacturing and public sector enterprises prefer buying Chinese products owing to low costs. "It pains me to see that a Maharatna company like BHEL (Bharat Heavy Electricals Ltd) purchases Made in China product as it is cheaper in terms of cost," Geete said.
About the capital goods policy, he said the ministry intends to spend Rs 3,000 crore to roll out this policy. Quoting Secretary in the Department of Heavy Industries Girish Shankar, Assocham said the government is drafting a new integrated industrial policy.
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