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The 36th GST council meeting concluded with important updates as on 25th July 2019. The Finance Minister Nirmala Sitharaman chaired the meeting.
Highlights of the 36th GST council meet are as follows;
The meeting concluded in establishing a favourable tax regime for the e-vehicle manufacturing industry. The GST rate on E-vehicle was reduced significantly from 12 per cent to 5 per cent. The new rates will come into implementation from 1st August 2019.
The move to reduce GST is considered as a milestone for nurturing the e-vehicle industry in India. The step will reduce the production cost of e-vehicles in India. Hence, the selling price of the same is also likely to be reduced.
Various national and international companies are investing in the E-vehicle industry[1]. The notification will further encourage the manufacturers and distributors of the industry.
Akash Dubey is a Law Graduate and works as an Advisor at Enterslice. He is proficient in Legal and Financial Advisory. His expertise in the skills of Legal and Financial Research is an aid to his strengths as an Advisor.
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Red Herring Top 100 Asia enlists outstanding entrepreneurs and promising companies. It selects the award winners from approximately 2000 privately financed companies each year in the Asia. Since 1996, Red Herring has kept tabs on these up-and-comers. Red Herring editors were among the first to recognize that companies such as Google, Facebook, Kakao, Alibaba, Twitter, Rakuten, Salesforce.com, Xiaomi and YouTube would change the way we live and work.
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