- The auto industry is urging the government to quickly implement new GST rates due to a decline in sales and enquiries.
- Buyers are delaying purchases in anticipation of reduced prices for small cars and two-wheelers.
- The GST Council is expected to meet soon to discuss the new tax slab.
- The Federation of Automobile Dealers Association has requested expedited implementation before the festive season.
- There is concern that delayed implementation could affect festive sales.
- Small car prices may drop by up to 10% if the tax rate is reduced from 28% to 18%.
- The government plans to simplify the tax system to two rates: 5% for essentials and 18% for most other goods.
Source: newindianexpress.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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