According to India, the Indian government plans to end the consumption tax reduction policy by the end of December due to the government's tax pressure and the Indian auto market has improved in November.
In order to stimulate the growth of the auto market, the Indian government began a temporary relief of 6% on the automobile consumption tax in February this year. It was originally planned to expire on June 30, but since the new car sales have not been greatly improved, the government will The reduction policy was extended to December 31st.
In the first eight months of this fiscal year (April to November 2014), the Indian auto market achieved a 10% growth, mainly driven by a 12% increase in the two-wheeler, and commercial vehicle sales as the Indian economic barometer remained. It fell by 7.3%, but sales of passenger cars achieved a 2.7% increase.
From April to November this year, India’s direct tax revenue increased by only 7.1% to 328 billion rupees (about 518 million US dollars), far lower than the original 20% growth target, so the Ministry of Finance tends to terminate the consumption tax reduction. A government official said that the current state of fiscal revenue is already quite harsh, and the government cannot allow the overall economy to fall into a deficit.
However, from the standpoint of the car, the car companies still oppose the termination of the reduction plan, saying that the Indian car market is still in a difficult state, and the loan interest rate is too high, which makes the car companies have to carry out price reduction promotions. Government officials said they were ready to respond and that the final decision would be politically effective.
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