India, Jan. 28 -- Auto component industry body ACMA on Monday sought uniform 18 per cent GST in the upcoming Budget.
Currently, about 60 per cent of auto components are at taxed at 18 per cent, while the remaining high value parts attract a duty of 28 per cent.
The auto component segment, which currently employs 50 lakh people and contributes 2.3 per cent to India's gross domestic product (GDP), also urged the government to come up with a fund to support R&D and indigenous technology development.
"The automotive industry in India is undergoing a significant transformation due to new regulations and policy changes. On top of it, the economic slowdown has deterred domestic consumption, we hope that the forthcoming budget will help uplift b...