Authors: Dr Kusum Yadav
Abstract: India is a drastically growing economy with impressive gross domestic product (GDP) growth. The nation is growing day by day with its massive GST (Goods and services tax) reforms. The GDP source of the nation came from various sectors. One of the its emerging sector Automobile industry takes a major stake in GDP of the nation, which manufacture and produces an ample number of motor vehicles every year, driven by the nation’s vast population. Earlier, automobile sector was having different types of GST including cess. But after introduction of GST 2.0 the taxes were revised and provide relief to middle class and lower-class income group. The GST 2.0 system was addressing the lacunas of earlier tax regime built on the principles of "one nation, one tax, one market," simplifying the earlier indirect taxation process for businesses and consumers. By replacing GST rates via GST 2.0 reform, the GST framework has made the system more effective, and efficient and ease of doing business and curtained the compliance burden on businesses in India. The present study highlights the contribution of the automobile sector. The study also explores the thoroughly analysis of different categories of goods of automobile sector under GST 2.0 regime.
