GST on cars: Hyundai India says that investment on new technology will be impacted
After the government of India has increased cess on luxury cars, many car manufacturers have released statements on how it has affected them or will be affecting them. Hyundai India too has sent in a reaction. It says that future investment into new technology as well as new products will be adversely impacted and that the upcoming festive season should resonate a lower customer footfall than the previous year. Given below is the complete statement from the Korean manufacturer
The Hyundai falls under the luxury car bracket and prices are expected to be northbound soon
"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 set back 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."
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