36th GST Council meet on July 26: Here’s what to expect
The 36th meeting of the GST Council headed by finance minister Nirmala Sitharaman which was all set to be held today has been postponed to 11 am on July 26. Sitharaman will chair the meeting through videoconferencing.
In a bid to give a boost to electric vehicles in India, the Council is likely to discuss reducing rates on EVs. GST Council had last month decided to give the proposal to the fitment committee for detailed deliberations before the council takes a final view.
The proposal is to cut GST rates on EVs from 12 percent to 5 percent and cut GST on chargers of EVs from 18 percent to 12 percent. An exemption is also being sought from GST on hiring of EVs with a carrying capacity of more than 12 by the local authorities.
A lot of states have expressed concerns regarding this rate reduction. States have voiced their concerns citing the huge investment that has been made already in the existing diesel and petrol-fueled vehicles. States have also cited that there is an existing slowdown in the auto sales numbers so the government should take a calibrated view on this.
However, the fitment committee and a set of states are in favour of the rate reduction for EVs.
First Published: Jul 25, 2019 2:09 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Lok Sabha elections phase 6 voter turnout hits 63.37%, women voters outnumber men
May 28, 2024 10:46 PM
Farmer issues, Centre-state relations, depleting water table — Issues for Punjab voters:Expert
May 28, 2024 9:44 PM