The Society of Indian Automobile Manufacturers (SIAM) organised the SIAM Conference on Automotive Taxation 2024, themed “Evolving Taxation Landscape of the Auto Industry for Nation Building”. The conference highlighted the critical role of taxation policies in supporting the growth of India’s automotive sector while contributing to the nation’s economic development along with various procedural and operational taxation issues.
The conference included insightful discussions related to Opportunities to Further Simplify GST; Policy and Procedural Issues, Alignment of Customs Valuation with Transfer Pricing; Digital Transformation and Ease of Doing Business in the Taxation Regime.
On this occasion, Mr. Yogendra Garg, Pr. Director General, Director General of Systems, Central Board of Indirect Taxes and Customs (CBIC), Ministry of Finance said, “In line with the growing Government-Stakeholder consultation in India, the Auto Industry must create a long-term, 5-year tax vision. This vision should outline the nature of the taxation ecosystem we aim to build and then create a roadmap to work toward achieving it. Committed to ‘Viksit Bharat‘ by 2047, we seek to address challenges and foster growth by envisioning the direct and indirect tax ecosystem, thus ensuring sustainable development.”
The sessions included esteemed industry leaders and experts, including Mr. Rajesh Menon, Director General, SIAM; Mr. Sanjay Seth, Co-Chair, SIAM Direct Tax Group and Head – Taxation, Hero MotoCorp Ltd.; Mr. Anil Sahani, Co-Chair, SIAM Taxation Procedure Group and Vice President (Finance), Head – Tax, Maruti Suzuki India Ltd.; Mr. Veeresh Prasad, Co-Chair, SIAM Taxation Policy Group and General Manager (Indirect Taxation & Impex), Toyota Kirloskar Motor Pvt. Ltd., among others.
The distinguished speakers shared valuable insights on aligning taxation policies with the automotive industry’s objectives of sustainability, innovation, and ease of doing business. The conference reinforced SIAM’s commitment to fostering collaboration between the automotive industry and the government to develop a taxation landscape that supports growth, innovation, and sustainability.
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