The Society of Indian Automobile Manufacturers (SIAM) has said that the Goods and Services Tax (GST) on industry vehicles is immediately reduced to 18 percent. The Association of Vehicle Manufacturers said that all vehicle manufacturers agree on the need for immediate reduction in GST rate. These include two-wheeler basic equipment manufacturers (OEMs). SIAM President Rajan Vadhera said in the statement, 'This was also repeated in the recent meeting with the Finance Minister. All OEMs of passenger vehicles, commercial vehicles and two-wheelers were actively involved in this meeting. SIAM said Pawan Munjal, chairman of Hero MotoCorp, had also raised the issue of immediate reduction in GST rate in a meeting this week with Finance Minister Nirmala Sitharaman. This clarification has been issued by the organization associated with the automobile industry at a time when there were reports of differences between the top companies of the industry regarding the timing of the GST rate cut.