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Govt. must unveil stimulus to spur demand: MPsโ€™ panel

The Parliamentary Standing Committee on Industry has asked the government to announce a stimulus package focused on generating demand, stressing that its responses so far have focused only on the supply side.

The panel has also asked for GST rates levied on automobiles to be rationalised from the present 28% tax rate with an additional compensation cess ranging from 1-22%, to 18%, to spur demand for new vehicles and help the sector overcome the present slump.

In its report on โ€˜Downturn in Automobile Sector โ€“ Its Impact and Measures for Revivalโ€™ submitted on Tuesday, the committee headed by Rajya Sabha MP K. Keshava Rao, pointed out that the cost of BS-VI vehicles was expected to be 10-15% higher due to upgraded technology, which could be mitigated by reducing the GST rate to 18% from 28%.

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