SIAM Holds 2024 Automotive Taxation Conference

The Society of Indian Automobile Manufacturers (SIAM) held the 2024 SIAM Conference on Automotive Taxation in New Delhi, focusing on the theme 'Evolving Taxation Landscape of the Auto Industry for Nation Building.' The conference addressed the importance of taxation policies in supporting India's automotive sector and identified key issues such as simplifying GST, aligning customs valuation with transfer pricing, and enhancing digital transformation for better compliance. Yogendra Garg from the CBIC emphasized the necessity of creating a five-year tax vision to foster sustainable growth, aligning with the government's goals for 'Viksit Bharat' by 2047. Sanjay Mangal highlighted recent GST reforms aimed at reducing litigation and enhancing compliance, while industry leaders discussed the need for a taxation system that encourages investment in new technologies. The event reinforced the collaborative approach between industry and government to navigate the evolving taxation landscape and ensure economic development.