March 23, 2020
The GST rate on all categories of vehicles should be brought down
The woes of the sector, the third-largest employer in the country, has only
multiplied due to facing distress for straight three months of fiscal 2020 with
sliding sales across segments as buyers continued to put off purchases due to
higher cost of ownership, liquidity crunch and rising automobile prices.Maruti
Suzuki, India’s top car maker and Hyundai, the second biggest car maker, which
together command nearly 70 per cent of the car market, have dragged down sales
both in June and in ball bearings
Factory the Q1 of fiscal 2020. Customer sentiments remained low due to the
overall slowdown in economic growth.He said a fleet modernisation programme
should be introduced to get the polluting, unsafe and old vehicles off the road.
Tata Motors, Toyota Kirloskar and Honda Cars were no better.Also, the corporate
tax rate for all companies should be brought down to 25 per cent, as promised in
earlier budget speeches. Consumer expectations on revised GST rate on cars and
limited liquidity availability kept them from firming their buying decision,â€
said Sibendra Barman, Vice President, Sales- Marketing at Passenger Vehicles,
Tata Motors. PUNE: The Indian auto industry, the world’s fourth largest and
Asia’s third biggest, with two-wheelers segment dominating the market, continues
to move in reverse gear.The tractor, heavy commercial vehicle and passenger
vehicle sales continued their downward trend, indicating a slowing economy
across sectors, with automakers now banking on badly needed stimulus in the
Budge on Friday to spur growth. Customer sentiments remained low due to the
overall slowdown in economic growth."
The GST rate on all categories of vehicles
should be brought down to 18 per cent from current 28 per cent to kick-start
growth again in the Indian auto industry,†Vishnu Mathur, Director General at
the Society of Indian Automobile Manufacturers, told Financial Chronicle.Auto
industry has been de-growing for the past 4 quarters.."Auto industry has been
de-growing for the past 4 quarters. The Indian auto industry, the world’s fourth
largest and Asia’s third biggest, with two-wheelers segment dominating the
market, continues to move in reverse gear. Auto honchos said it was facing the
most challenging times ever
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