No GST in the near future – FM

By Vijay Kumar

FMSPEAK

• No nationwide Goods and Services Tax in near future to substitute Excise, Service Tax and VAT.

• “second look" at Fringe Benefit Tax rules

• I am aware that cars are classified as luxurious item like liquor and tobacco. We have to revisit the rate of taxation to keep pace with the developments in the auto industry

• Government would consider phasing out of old buses and trucks while revisiting the tax structure. Most of them are pathetic. We need to upgrade our commercial vehicles. We must put an age limit. You must tax them heavily so that they cannot be used.

• Our trucks are like wine -- they become better as they grow older.

The FM was speaking to representatives of Auto Industry.