Why in the news ?

• The automotive industry has urged the Centre to ensure quick stabilisation in implementation of Goods & Services Tax (GST).

More on news

• In Budget 2018, indirect taxes are likely to find little mention as they now come under the purview of the GST Council. But hiccups in GST implementation would indirectly impact any benefits announced in the budget, industry officials said.
• “Budget will only have [mention of ] customs duty and direct taxes. So there are very [few] issues to be addressed", said the industry.
• They further added that The Centre must ensure that the benefits of GST percolate down so that the industry can work on a long term strategy.
• The issue of petroleum products is another the budget must address, the analyst said.
• When crude prices were low, the government increased additional excise duty to mop up resources. Now that crude prices are going up, the government should roll back the excise duty. Otherwise, the auto industry will be impacted and so will other sectors.

Source

The Hindu.