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FM Nirmala Sitharaman: Govt will respond to automobile industry's demand .

Car companies' demand for a tax cut will be decided at the GST Council's meeting in Goa on September 20, says the finance minister.

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FM Nirmala Sitharaman: Govt will respond to automobile industry's demand .

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  1. FM Nirmala Sitharaman: Govt will respond to automobile industry's demand Car companies' demand for a tax cut will be decided at the GST Council's meeting in Goa on September 20, says the finance minister.

  2. ECONOMY NEWS » Finance Minister Nirmala Sitharaman on Tuesday said the government would respond to the demands of the automobile industry, which is facing the worst slump in two decades. “We are conscious that we need to respond.” When asked about a possible rate cut on cars, Sitharaman said that call would be taken by the GST Council at its meeting in Goa next week.She, however, added that some of the industry suggestions had already been considered. The industry has been demanding a GST rate cut from the current peak rate of 28 per cent. At the media briefing in Chennai on Tuesday, Sitharaman also said the GST revenue collection needed attention. "Need to widen the scope and task," she added. Also, she cited surveys to point out that millennials like to use Ola, Uber or Metro rail, rather than committing EMIs towards automobile. In the passenger vehicle segment, market leader Maruti Suzuki India posted 36.14 per cent decline in its August sales at 93,173 units. For More Information → FM Nirmala Sitharaman

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