Sitharaman said notifications giving effect to the recommendations of the Council are proposed to be issued on October 1.
Maruti Suzuki recently observed two days as 'no production days' in view of inventory pile-up. On Monday, Ashok Leyland announced a series of non-working days.
The slowdown in auto sales stems from a severe liquidity crunch in the non-banking financial sector which has dried up lines of credit to both auto dealers and potential car buyers.
GST Council also decided to reduce the rate on Electric Vehicle Chargers from 18 per cent to 5 per cent. The new rates will come into effect from the 1st of next month.
Presenting the Union Budget, she said the government has moved the Goods and Services Tax Council to reduce the GST rate on electric vehicles from 12 per cent to five per cent.
Currently, those with income of upto Rs 2.5 lakh are exempted from tax net. However, this limit may be raised to 3 lakh in the upcoming Budget. The proposed tax will put at least Rs 2,500 more money in the hands of taxpayers, thereby giving an indirect impetus to the economy.
My own experience of two years while chairing the GST Council was that finance ministers of states, notwithstanding the political position their parties take, have displayed a high level of statesmanship and acted with maturity. The council worked on the principle of consensus. This has added to the credibility of the decision-making process. I am sure this trend will continue in future
The government settled Rs 18,169 crore to CGST and Rs 13,613 crore to SGST from IGST as regular settlement. The total revenue earned by the Centre and state governments after regular settlement in June is Rs 36,535 crore for CGST and Rs 38,956 crore for the SGST.
The GST Council is India’s first statutory federal institution. The Centre and the States jointly sit and decide. Both have pooled their fiscal rights in a collective forum to create one common market.
Anup Maheshwari, Additional Commissioner of the Commerce Tax Department said: "A notice has been issued to the shop owner. After primary investigation, it was found that their annual turnover was more than 60 lakh."