TIWN
New Delhi, Aug 18 (TIWN) The Finance Ministry is holding back-to-back discussions with the Prime Minister's office and the Reserve Bank of India to come out with a sectoral policy package at the earliest but sources rule out any fiscal stimulus having direct revenue implications.
There will be relief to the sectors in stress through policy interventions like for the auto sector, the industry's demand for a separate refinance window under the RBI is being discussed. On the FPI surcharge issue, options still being discussed and no conclusion has been arrived at, as FPIs continue to pull funds from equity market. The demand for GST rate cut for auto sector from 28 per cent to 18 per cent is also currently not under discussion as only 30 items remain in the highest slab of 28 per cent from the original list of as many as 235. According to an estimate, a rate reduction for two-wheelers to 18 per cent from the current 28 per cent will reduce the GST mop-up by about Rs 6,000 crore a year, added the sources.
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