The GST cess hike which came into effect from September 11, has obviously not gone down well with the automakers. The hike pretty much reversed the price cuts that existed for about two months, while the prices of some vehicles is expected to go up compared to pre-GST prices. The worrying part is the frequent changes in tax rates and mood fluctuations.
Hyundai India in an official statement said the following –
Implementation of GST was to create single unified large market with simplified tax structure for auto industry. However the recent rolling back to multiple rates with Pre GST classification has come as a setback to industry shaking the confidence of Auto manufacturers.
We expect the coming festive season will witness low customer sentiment on new purchase decision.
Further in the absence of consistent and long term policy the investment for new products and new technology will be adversely impacted.
Recommended for you
Leave a Reply
Note: Comments that are unrelated to the post above get automatically filtered into the trash bin.
