New Delhi, Sep 11 (IANS) Union Minister Nitin Gadkari on Wednesday said the Centre is in consultation with the state governments and will take a call on whether or not to reduce GST rate on automobiles.
However, the final decision to reduce the rate can only be taken by the GST Council.
According to the Minister of Road Transport & Highways and Micro, Small and Medium Enterprises, the Union Finance Ministry has been in consultations with various state governments and could bring in a rate reduction via the GST Council.
"I am confident that the Finance Ministry with discussion with the state governments and if it is possible, they are very positive, they will take a decision (sic.)," the Minister said at the launch event of BSVI variant of Honda Motorcycle and Scooter India's Activa.
Lately, the Indian automobile industry, which has been heavily dented by the consumption slowdown has been demanding a rate reduction from 28 to 18 per cent.
On automobile scrapping, the Minister said that the government will support the industry and non-industry players to set up scrap yards and bring in new technologies in this arena.
In addition, he told the gathering at the launch event that the Petroleum Ministry is ready to give its consent for setting up of Ethanol fuel pumps in the country.
New York, Feb 19 (IANS) The US dollar was up in late trading on Tuesday due to rising risk aversion in the market.
The ZEW Indicator of Economic Sentiment for Germany decreased sharply in February, falling 18.0 points to a new reading of 8.7 points, according to latest release by Leibniz Centre for European Economic Research (ZEW) on Tuesday, the Xinhua news agency reported,
On Tuesday morning, the exchange rate of Euro against US dollar once fell to 1.0786, the lowest level since April 21, 2017.
"The Euro is again under selling pressure this morning as it touched a three-year low against the U.S. dollar. The most recent dip lower for the Euro was caused by data out of Germany that showed investor confidence came out weaker than expected," said U.S. foreign exchange payment platform Tempus on Tuesday.
The dollar index, which measures the greenback against six major peers, was up 0.26 per cent at 99.4436 in late trading.
In late New York trading, the euro was down to $1.0792 from $1.0833 in the previous session, and the British pound was down to $1.2999 from $1.3000 in the previous session. The Australian dollar fell to 0.6685 dollar from 0.6715 dollar.
The dollar bought 109.87 Japanese yen, lower than 109.93 Japanese yen of the previous session. The dollar was up to 0.9828 Swiss franc from 0.9809 Swiss franc, and it was up to 1.3252 Canadian dollars from 1.3234 Canadian dollars.