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Business EconomyPosted at: Aug 22 2017 7:49PM


Industry Minister requests FM to think in terms of reducing GST rate for auto sector

New Delhi, Aug 22 (UNI) Union Minister for Heavy Industries, Anant Geete has requested the Union Finance Minister for reduction in GST (Goods and Services Tax) rates for automobile sector to promote its growth and maintain tempo of job growth.
In an ASSOCHAM event held here today, Mr Geete said, “With all the applications that I have received from automobile sector for reduction in GST rates, I have included my suggestions on the same and requested the Finance Minister to think in this direction.”
He also emphasised upon the need to make people at the helm in government departments accountable just like in case of private sector whereby the action is taken against the top authority for any violation or accident.
He also highlighted how countries like China, Japan and Korea are ahead of India in terms of manufacturing sector, so much so that government public sector enterprises prefer buying Chinese product owing to low costs.
“It pains me to see that a Maharatna company like BHEL (Bharat Heavy Electricals Ltd.) purchases ‘Made in China’ product as it is cheaper in terms of cost,” said Mr Geete.
Talking about the Capital Goods Policy floated by the Government, he said “It is an unprecedented step and we intend to spend Rs 3,000 crore in this regard and under this policy we want to promote small and medium enterprises by supporting them to sustain in this globally competitive world through technology adoption and strengthening their research and development.”
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