GST effect: GST is a much awaited reform and will boost the growth in the industry, Jnaneswar Sen, Honda Cars India
The much anticipated Goods and Services Tax (GST) has finally come into effect. While the previous taxation system included the excise duty, various forms of cess, VAT and NCCD, Goods and Service Tax (GST) will have only one tax and a certain percentage of cess. While many have applauded this decision, some manufacturers have expressed disappointment based on the portfolio of cars they sell in India. Depending on whether it's a small car or even for that matter hybrids, the prices have either gone up or increased significantly. Here is a detailed breakdown of the how the GST has affected the prices of automobiles in India.
Here is what Honda Cars India had to say about the 2017 GST update
"The much-awaited GST made the market challenging with anticipation about price reduction in the market. However we did good numbers last month due to our sales efforts and price protection to customers buying their cars in June. GST is a much awaited reform and will boost the growth in the industry", said Jnaneswar Sen, SVP, Sales and Marketing, Honda Cars India Ltd.