The SIAM Conference on Automotive Taxation 2024 focused on “Evolving Taxation Landscape of the Auto Industry for Nation Building,” highlighting the importance of taxation policies in fostering industry growth and economic development. Discussions explored simplifying GST, aligning customs valuation with transfer pricing, and leveraging digital transformation to enhance business operations in the sector.
Addressing the gathering, Mr Yogendra Garg, Principal Director General of CBIC, emphasized the need for a five-year tax vision for the auto industry to build a robust and sustainable taxation framework. He reiterated the government’s commitment to addressing challenges and creating a taxation ecosystem aligned with India’s long-term developmental goals.
Mr Sanjay Mangal, Principal Commissioner of CBIC, detailed the progress made in GST reforms over the past few years, highlighting efforts to streamline compliance and reduce litigation. He encouraged industry players to propose measures for refining GST audits and document verification processes across states.
Mr Rajesh Shukla, Chairman of the SIAM Taxation Policy Group, underlined the importance of a tax ecosystem that incentivizes investment in advanced technologies during the industry’s technological transformation. He emphasized simplifying tax procedures and adopting innovative policies to support emerging business models.
On customs valuation, Mr Sanjeev Agarwal, Chairman of the SIAM Direct Tax Group, pointed to the need for the auto sector to leverage technology for better data management. He urged the industry to present well-structured proposals to the government, which remains open to addressing sector-specific concerns.
Mr D.D. Goyal, Former Chairman of the SIAM Taxation Procedure Group, described GST as a transformative milestone, addressing pre-2017 complexities and modernizing taxation processes. He called for enhancements like dedicated mobile applications and flexibility in managing vehicles used for testing and demonstration.
Speaking on digital transformation, Mr Pramod Kumar, Executive Vice President of the GST Network, highlighted the pivotal role of digitalization in the GST framework. He praised the collaborative efforts of the Centre and states in addressing challenges and ensuring the success of GST.
The event featured industry leaders like Mr Rajesh Menon of SIAM, Mr Sanjay Seth of Hero MotoCorp, Mr Anil Sahani of Maruti Suzuki, and Mr Veeresh Prasad of Toyota Kirloskar Motor, who shared insights on aligning tax policies with the goals of sustainability, innovation, and ease of doing business.
The Society of Indian Automobile Manufacturers is the leading national body representing India’s vehicle and engine manufacturers. SIAM works to promote the sector’s contributions to the economy, support environmental sustainability, and enhance user safety. Registered under the Societies Registration Act, 1860, and recognized for its charitable objectives under the Income Tax Act, SIAM remains committed to fostering industry growth and development.
