New Delhi - Union Minister Anant Geete said that he has requested Finance Minister Arun Jaitley to reduce GST (Goods and Services Tax) rates on the automobile sector.
Minister of Heavy Industries and Public Enterprises Geete said this at an Assocham event.
"With all the applications that I have received from automobile sector for reduction in GST rates, I have included my suggestions on the same and requested the Finance Minister to think in this direction," Geete said while addressing Assocham's "Manufacturing Summit".
Besides GST rates on the automobile sector, Geete pointed out an anomaly that raises the demand for Chinese products even by public sector enterprises due to their low cost.
"It pains me to see that a Maharatna company like BHEL (Bharat Heavy Electricals Ltd.) purchases 'Made in China' product as it is cheaper in terms of cost," said Geete.
Talking about the Capital Goods Policy floated by the government, he said: "It is an unprecedented step and we intend to spend Rs 3,000 crore in this regard and under this policy we want to promote small and medium enterprises by supporting them to sustain in this globally competitive world through technology adoption and strengthening their research and development."