Govt Unlikely to Trim GST on Automobiles

FRIDAY • AUGUST 27, 2021 MUMBAI ₹10 • Pages 10 • Volume 28 • Number 238 AUTO FOCUS DATA FOCUS RAISING THE RED FLAG On the 50th anniversary of the Covidrelated health claims in just the The independent auditors of Tata Sons original Countach, Lamborghini’s first five months of FY22 have already have expressed concerns over AirAsia futuristic hybrid makes its debut p7 topped claims of whole of FY21 p2 India’s ability to sustain as a going concern p2 Bengaluru Chennai Coimbatore Hubballi Hyderabad Kochi Kolkata Madurai Malappuram Mangaluru Mumbai Noida Thiruvananthapuram Tiruchirapalli Tirupati Vijayawada Visakhapatnam Regd. TN/ARD/14/09-11, RNI No. 55320/94 Boeing MAX 737 HIGHER FAMILY PENSION, NPS Govt unlikely to trim to fly again in India PSBs to make ₹21,300crore OUR BUREAU New Delhi, August 26 The DirectorateGeneral of GST on automobiles Civil Aviation (DGCA) on additional provision yearly Top official says sop Thursday allowed Boeing MAX8 aircraft to fly again in To soften impact, not needed as sales the country. On account of two have picked up, no fatal accidents, the regulator will seek special RBI had halted operation of this dispensation to inventory buildup type of planes with effect from March 2019. spread it over 5 years OUR BUREAU As on date, SpiceJet is the New Delhi, August 26 only Indian carrier using Boe SHISHIR SINHA The government is unlikely to ing 737 MAXaircraft; it has 13 in New Delhi, August 26 ation of the 11 th bipartite set 2018, it was decided that for a oblige any time soon the auto Tax burden a singleclass configuration Public sector banks will have tlement on wage revision of Central government em mobile industry’s demand for each with capacity to carry 189 to set aside an additional public sector bank employ ployee, the mandatory con ■ lowering the Goods & Services All automobiles attract GST between 18% and 28% passengers. The now groun ₹21,300 crore every year for ees, which was signed by the tribution by the employer Tax (GST) for certain categories ■ Apart from this, States collect road tax ded Jet Airways had five such the revised family pension IBA with the unions on would be raised to 14 per cent of vehicles. aircraft. and the higher contribution November 11 last year, there from April 1, 2019. The same ■ The GST on e-vehicle is 5% while that on ambulance has been Hinting at no immediate In its order today, the DGCA toward the National Pension was a proposal for enhance mechanism will now apply plans, a senior government offi cut to 12% for the period up to September 30 said Boeing 737 MAX planes are System (NPS). ment of the family pension for PSB employees. cial said the Centre had con permitted “only upon satisfac “Keeping in view the re and also the employers’ con “Based on the feedback re sidered it some time back but cent. Then, there is a cess levied less we address the question of tion of applicable require quirements of the Account tribution under the NPS. ceived from the banks, the now, with sales picking up and in the range of one to 22 per affordability of cars for the cus ments for return to service.” ing Standard (AS15R) issued According to Panda, earlier additional cost on account of no inventory buildup on ac cent. Apart from this, State gov tomer,” RC Bhargava, Chair Details p2 by the Institute of Chartered the scheme had slabs of 15, 20 increased contribution will count of transition from BS4 to ernments collect a road tax. The man, Maruti Suzuki, had said. Accountants of India and and 30 per cent of lastdrawn be ₹1,080 crore per annum BS6 emission norms, it seems GST on electric vehicle is 5 per He said the hightax struc also per the Companies Ac pay, capped at ₹9,284/month. for all the PSBs,” the note unlikely. cent while that on ambulance ture, and the additional costs to Bumper-to-bumper counting Rules (2006), the “That was a paltry sum and mentions. This will have an In fact, the Revenue Secretary has been cut to 12 per cent for meet the new emission and cover must for new incremental provision to Finance Minister Nirmala impact on nearly 60 per cent Tarun Bajaj had on Wednesday the period up to September 30. safety norms have turned auto wards the family pension as Sitharaman was concerned (around 4.68 lakh) bank em said the government is open to Exactly a year before, at a mobiles pricier, making them vehicles in TN: HC per the actuarial estimate is and wanted that to be re ployees out of a total discussing a rate revision but meeting organised by an in unaffordable for many. OUR BUREAU ₹20,302.9 crore,” read a note vised so that family members strength of over 7.79 lakh. did not commit to any move to dustry chamber, responding to Chennai, August 26 prepared by the government of bank employees get a de A higher contribution by cut. a question about the need for 2-wheelers at luxury rate The Madras High Court has for the proposal, seen by cent amount to survive and the employer would trans “I would be very happy to en lowering the GST rate on two Echoing, Venu Srinivasan, directed the Tamil Nadu BusinessLine. sustain,” he said. late into an increased corpus gage with you to see what we wheelers, Finance Minister Chairman, TVS Motor Com Transport Secretary to en The note also mentions As on March 31, the total for employees under the NPS, can do even on (GST) tax rates, Nirmala Sitharaman had said pany, said a twowheeler, which sure that new motor that a special dispensation number of pensioners stood and higher pension payouts. what is the tinkering we can do this was indeed a good sugges is the basic mode of transporta vehicles sold in the State will be sought from the Re at around 5.66 lakh and fam As on date, an employee to see to it that certain (vehicle) tion as this category is neither a tion for the country, is being from September 1 get five serve Bank of India to allow ily pensioners at over 1.55 can withdraw 60 per cent of segments get the encourage luxury nor a sin good. However, taxed at 28 per cent GST, the year bumpertobumper in provisioning over the next lakh. the total corpus, taxfree. For ment they deserve,” Bajaj had the matter could not be taken highest level on a par with lux surance cover, along with five years to avoid any imme the rest of the 40 per cent, an said at a conference organised up to the GST Council untilnow. ury products. The automobile coverage for driver, owner, diate impact on bank Higher pension corpus annuity must be purchased by the Society of Indian Auto industry, which provides direct passengers and third balancesheets. According to the contribut from a service provider, re mobile Manufacturers (SIAM) High tax, high prices and indirect employment to 30 parties. On Wednesday, Financial ory pension system, origin gistered and regulated by the on Wednesday. At the ongoing SIAM conven million, has moved from im Justice S Vaidyanathan, in Services Secretary Debashish ally it was decided that em Insurance Regulatory and tion, the tax issue was one of porting and assembling to an order on Wednesday, said Panda said the government ployees will contribute 10 Development Authority of In The tax regime key points ofdiscussion. designing and making in India it is mandatory for any new has approved the Indian per cent of their basic plus dia and empanelled by the As on date, barring electric “I don’t think the car in with both homegrown firms vehicle sold after September Banks’ Association’s proposal dearness allowance with the Pension Fund Regulatory vehicles and ambulances, all dustry would revive either with and MNCs making large invest 1 to have bumpertobumper to increase the family pen government employer and Development Authority automobiles attract GST ICEs (internal combustion en ments in design infrastructure, insurance every year. sion to 30 per cent of the last providing a matching (PFRDA). This is also tax between 18 per cent and 28 per gines), CNG, biofuels or EVs un he said. Details p10 drawn salary. In continu amount. On December 10, exempt. Reliance Retail to make BPL, Kelvinator products Centre says asset monetisation won’t impact Move will allow the fans. Reliance has put in ramping up its consumer place an aggressive market electronics segment. While workers, but unions sceptical on no discussion company enter the ing and distribution plan announcing its first quarter electrical space that could revive the old In results, the company said it Govt insists assets only being leased out, and Finance Ministry holds that con Sen, this method of privatisation dian brands. BPL products has ramped up digital com cession agreements for different results not just in job losses but FORUM GANDHI will be available at Reli merce to serve customer that it remains the employer; operators will call sectors are in different stages of also devaluation of assets cre Mumbai, August 26 ance’s offline and online needs; this segment grew the shots, including on jobs, counter unions being worked out. “Some have ated over decades with public Reliance Retail has acquired platforms. 18.8 per cent. been finalised and others are be spending. the licence to manufacture They will also be distrib Revenue was up 1.8x year POORNIMA JOSHI istry sources told BusinessLine ing worked out,” said sources.

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