ROAD TRANSPORT AND highways minister Nitin Gadkari has warned automobile manufacturers that he would propose an additional 10% tax on diesel-run vehicles if their phase-out plans are not fast-tracked.
"I readied a letter 8-10 days ago and will present it to the finance minister today (Tuesday). I will request her for an increase of 10% in GST on all diesel vehicles," Gadkari said in his address at the annual convention of the Society of India Automobile Manufacturers (SIAM) here on Tuesday.
The minister, however, later clarified through a post on X that there was no such proposal under active consideration by the government currently. Before the clarification, shares of Mahindra & Mahindra (M&M) and Tata Motors plunged 4.3% and 3%, respectively, in intra-day trading on the BSE. Commercial vehicle manufacturer Ashok Leyland's shares went down 4.2%.
The share of diesel in M&M's passenger vehicle segment is 82%. For Kia, it is at 34%, 18% for Hyundai Motor India and
This story is from the September 13, 2023 edition of Financial Express Mumbai.
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This story is from the September 13, 2023 edition of Financial Express Mumbai.
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