Volkswagen is considering introducing its affordable small electric cars to the Indian market, leveraging partnerships to optimize their introduction. CEO Oliver Blume highlighted India's potential, especially with the reduction of GST on automobiles, making the market more appealing.
Finance Minister Nirmala Sitharaman asserts that the GST revamp is a significant taxation reform, poised to positively impact India's economy. While not directly addressing tariff challenges, it offers a cushion. The government is also working on supporting tariff-hit sectors, with potential measures expected soon, particularly for textiles.
Union Minister Ashwini Vaishnaw announced upcoming GST and income tax reforms. These changes are expected in the 2025-26 budget. The reforms aim to boost India's economy significantly. Vaishnaw clarified that these reforms are unrelated to US tariffs. He highlighted the potential for increased consumption to drive GDP growth.
Consumer goods companies are requesting an extension to the September 22 GST revamp deadline, citing logistical challenges with existing stock and packaging. They seek clarity on passing price cuts through increased grammage, especially for low-unit packs.
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The GST Council has approved raising taxes on sin goods to 40% as part of a broader GST 2.0 overhaul, simplifying the tax structure to two main slabs. This move, expected by Diwali 2025, aims to discourage consumption of harmful goods while boosting government revenue. It also strategically counters new US tariffs on Indian goods.
