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GST may fuel growth of domestic auto ancillary industry

Goods and Services Tax - GST - Dated:- 4-3-2017 - Mumbai, Mar 3 (PTI) The proposed GST implementation may fuel growth in the USD 39 billion domestic auto ancillary industry following lower taxation of 18 per cent under the new regime, industry experts said. With the upcoming GST regime, the auto ancillary industry will get a boost. The auto ancillary industry's effective rate of tax, which is currently at 28 to 30 per cent, is expected to come down to 18 per cent upon implementation of GST, .....

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r to the OEM facilities just to avoid VAT credit chain. However, in the new GST regime they will now no longer be required to be near to the OEMs facilities as the input credit claim will be available to them through IGST and SGST. This will reduce the capital investments and increase the working capital inflows to auto ancillary industry, KDK Softwares CEO Mohit Bhambani said. Accounting to EY reports, for auto component manufacturers, the present disputes with VAT authorities on the concept of .....

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