US Edition
India 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.
21 Articles
21 Articles
There is talk of implementing the new GST reform on Diwali, under which there are expected to be 2 tax slabs. It is expected that the 12 percent tax slab can be removed and its products can be included in the 5 percent category. Similarly, products in the 28 percent category can come under the 18 percent GST slab.
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.
Coverage Details
Bias Distribution
- 63% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
