The SIAM Conference on Automotive Taxation 2024, with the topic “Evolving Taxation Landscape of the Auto Industry for Nation Building,” was organized by the Society of Indian Automobile Manufacturers (SIAM). In addition to discussing numerous procedural and operational taxation concerns, the conference emphasized the crucial role that taxes laws play in fostering the expansion of India’s automobile industry and advancing the country’s economic development.
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 were among the topics of discussion at the conference.
On this occasion, Mr. Yogendra Garg, Pr. Director General, Director General of Systems, Central Board of Indirect Taxes and Customs (CBIC), Ministry of Finance, stated: “The auto industry needs to develop a long-term, five-year tax vision in accordance with the expanding government-stakeholder interaction in India. This vision should describe the type of taxing ecology we hope to establish and then develop a plan to get there. By imagining the direct and indirect tax ecosystem, we hope to solve issues and promote growth in pursuit of our 2047 goal of ‘Viksit Bharat’which will ensure sustainable development”.
Among the distinguished industry leaders and experts who participated in the sessions were 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.
The esteemed speakers offered insightful commentary on how tax laws might be better matched with the goals of the automotive sector, which include sustainability, innovation, and ease of doing business. The conference reaffirmed SIAM’s dedication to encouraging cooperation between the government and the automotive sector in order to create a tax environment that promotes sustainability, innovation, and growth.
