Auto Slowdown: Is GST rate cut the answer to the sector's prolonged crisis?
Updated : September 18, 2019 03:03 PM IST
The ongoing slowdown has pushed the automobile sector into its worst crisis in two decades with the sales contracting for the ninth straight month in August, claiming the livelihood of several.
As the sector bled, finance minister Nirmala Sitharaman hinting at more steps to help the auto companies raised hopes of GST rate cut among the industry players.
However, sources have told CNBC-TV18 that the sector is unlikely to see any decision on the GST rate cut in the Council meet on Friday as the fitment committee has rejected the proposal.
Have you signed up for Primo, our daily newsletter?
It has all the stories and data on the market, business, economy and tech that you need to know.
THANK YOU! You made our day. See you every morning
YOUR EMAIL IS ON ITS WAY. Check your inbox for future updates.
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more