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 Business Standard Sep 22, 2020 In the goods and services tax (GST) regime, India levies one of the highest taxes on vehicles among key world markets when compared with the GST equivalent value-added tax (VAT) levied in other countries. Cars and two-wheelers attract a GST rate of 28 per cent in India and a cess that ranges from 3 to 22 per cent, taking the effective tax rate to up to 50 per cent. The GST was implemented in July 2017 and subsumed a host of indirect taxes, including excise duty, VAT and entertainment tax. Reference:  https://www.business-standard.com/article/companies/at-up-to-50-cars-in-india-suffer-among-the-highest-tax-rates-globally-120092101207_1.html

The Indian Express March 02, 2020 PTI Fitch Solutions on Monday cut its forecast for India’s economic growth to 4.9 per cent in the current fiscal that ends March 31, saying manufacturing could come under pressure from weak domestic demand and supply chain disruptions due to the coronavirus outbreak. The GDP growth is forecast to recover slightly to 5.4 per cent in 2020-21 (April 2020 to March 2021), it said. “We at Fitch Solutions are revising down our forecast for India’s real GDP growth to 4.9 per cent in FY2019/20, from 5.1 per cent previously, and 5.4 per cent in FY2020/21, from 5.9 per cent previously,” the agency said in its outlook for the country. India’s real GDP growth decelerated to 4.7 per cent in the third quarter (October-December) from an upwardly revised 5.1 per cent in the second quarter owing to slower government consumption, a steeper contraction in gross fixed capital formation and a smaller net exports contribution. “A failure of the FY20...