India, Sept. 8 -- The Government of India issued the following news release:
The new GST rates and slabs will have a wide-scale impact on the many items related to Heavy industries. It's detailed clarifications is as follows:
Automobiles
The rate cuts for the automobile sector are across different categories. It includes bikes (Upto 350 cc which includes bikes of 350cc), Buses, Small cars, Medium and luxury cars, Tractors (<1800cc), etc.
The rates are also being reduced on auto parts.
Lower GST will push demand, helping automobile manufacturers and the large ancillary industry (tyres, batteries, components, glass, steel, plastics, electronics, etc).
Rising sales of vehicles will increase orders for these components, creating a multiplier...