New Delhi, Sept. 4 -- The GST council rationalisation move of reduction of GST from 28 pc to 18 pc on Small Cars and Motorcycles equal to or below 350 cc is expected to fuel Indian auto sector.
Under the rationalisation plan, the GST slab has been reduced from 28 pc to 18 pc on buses, trucks and ambulances. Moreover, the council approved a uniform rate of 18 pc on all auto parts irrespective of their 'HS code.'The 'Harmonized System (HS)' code is used to classify and identify specific auto parts and accessories for international trade, customs clearance, and tariff determination.
The GST council also reduced rates on three-wheelers from 28 pc to 18 pc.
Applauding the council's move, Venkatram Mamillapalle, Managing Director, Renault Indi...