US EditionIndia proposes slashing taxes on small cars under Modi reforms, sending shares higher
- India plans to reduce Goods and Services Tax on small cars and insurance premiums, aiming to boost consumer spending, according to a government source.
- The proposed tax cuts would lower GST on small petrol and diesel cars from 28% to 18%, according to the same source.
- Stocks of automakers and insurance firms rose significantly after the announcement, as noted by Reuters.
- The reforms are projected to enhance consumer sentiment and demand, according to a report by Centrum Institutional Research.
18 Articles
18 Articles
India’s Deepest Tax Cut Plan in Years to Spur Automobile Demand
India is looking to slash a local tax on small cars to 18% while levies on premium cars may be pared to 40%, people familiar with the matter said, as the Narendra Modi-led government seeks to bolster consumption demand.
India proposes slashing taxes on small cars under Modi reforms, sending shares higher
Narendra Modi's administration revealed plans over the weekend for the largest tax overhaul since 2017, with consumer, auto and insurance companies likely to emerge as the biggest winners.
GST Rationalisation to Boost Consumer Sentiment and Drive Demand: Report
Get latest articles and stories on Business at LatestLY. The government's recent decision to rationalise Goods and Services Tax (GST) rates is likely to ramp up domestic demand and lift consumer sentiment, according to a report by Centrum Institutional Research. Business News | GST Rationalisation to Boost Consumer Sentiment and Drive Demand: Report.
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