New Delhi: The Union authorities goals to slash taxes on small automobiles and insurance coverage premiums as a part of a sweeping reforms of its items and providers tax (GST), a supply stated on Monday.
The federal government revealed plans over the weekend for the biggest tax overhaul since 2017, with shopper, auto and insurance coverage firms prone to emerge as the largest winners when product costs drop from October, as soon as the reform is accredited.
The federal government has advised decreasing GST on small petrol and diesel automobiles to 18% from the present 28%, stated the supply who’s straight concerned within the matter. The consumption tax on well being and life insurance coverage premiums might also be lowered to five% and even zero from 18% presently, the identical supply stated.
