skoreas hyundai motor says india tax reforms a setback
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

S.Korea's Hyundai Motor says India tax reforms a 'setback'

Arab Today, arab today

Arab Today, arab today S.Korea's Hyundai Motor says India tax reforms a 'setback'

hyundai motor company
NEW DELHI - Arab Today

South Korean auto giant Hyundai Motor says that fresh changes to India's new national tax had shaken industry confidence in the country with firms already struggling to boost sales.

The Indian government launched a new national goods and services tax in July to replace more than a dozen separate levies and transform the $2 trillion economy into a single market for the first time.

The goods and services tax (GST) sets out four different rates of between five and 28 per cent for businesses instead of the one originally envisioned.

However, the government has made several changes to the tax regime regarding some products including sports vehicles, and luxury and hybrid cars, which auto makers complain have forced them to alter their pricing strategies.

"The recent rolling back to multiple rates with pre-GST classification has come as a setback to the industry, shaking the confidence of auto manufacturers," Hyundai said in a statement.

"We expect the coming festive season (Diwali) will witness low customer sentiment on new purchase decision.

"Further, in the absence of consistent and long-term policy the investment for new products and new technology will be adversely impacted," it added.

India's economic growth slumped to 5.7 percent in the first quarter of the financial year owing to a controversial ban on high-denomination notes in November as well as the GST roll-out.

Auto makers have also complained about a recent government push to switch cars to electric by 2030.

This would require them to make massive fresh investment and manufacturing plans including setting up new plants and supply lines.

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

skoreas hyundai motor says india tax reforms a setback skoreas hyundai motor says india tax reforms a setback

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

skoreas hyundai motor says india tax reforms a setback skoreas hyundai motor says india tax reforms a setback

 



GMT 07:46 2017 Monday ,09 January

Preciously Paris: A new breed of high-end clutches

GMT 16:30 2017 Monday ,25 December

FNC approves draft law on endowments

GMT 04:01 2017 Tuesday ,19 December

Syrian government troops target Homos northern

GMT 03:27 2017 Saturday ,14 January

Britain mulls tougher laws to tackle corporate crime

GMT 07:19 2017 Wednesday ,27 September

England cricket drop Stokes after 'assault' arrest

GMT 00:09 2017 Tuesday ,21 February

Ski town skips Japan population slide

GMT 07:02 2017 Saturday ,29 April

Musa Receives Wali (governor) of Khartoum

GMT 06:33 2017 Saturday ,18 February

Hellenic Parliament President Meets Qatari Ambassador

GMT 08:16 2017 Tuesday ,05 December

Amazon brings Alexa from the home to the office

GMT 15:27 2016 Friday ,16 December

UAE-Indian Joint Consular Commission holds

GMT 06:47 2014 Monday ,01 September

February 18 - March 19

GMT 19:27 2017 Wednesday ,05 July

US Fed members divided on near-term inflation risk

GMT 03:42 2017 Saturday ,05 August

November23rd-December21st

GMT 18:22 2011 Tuesday ,17 May

Silent movie, lead Cannes race

GMT 21:54 2017 Wednesday ,30 August

Hope springs for Holder as West Indies shock England
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday