Wednesday, September 11, 2019
By Manoj Kumawat
Car Prices Speculated To Go Down After September 20, 2019 !!!
A good news is flowing in the air, which will definitely bring a smile on the faces of both the buyers and manufacturers of automobiles. According to the recent reports in endeavors to boost the sales of the automobile industry the government of India might reduce the GST slab of 28% due to which the buyers are moving away from the habit of buying the new vehicles. The news regarding was given by honorable Finance Minister Ms. Nirmala Sitharaman in a statement detailing about the efforts adopted by the government to deal with the situation.
In an effort to minimize the level of emission and to make the vehicles more safer the government of India is introducing and implementing various new regulations are norms. However, as an impact of this it is becoming necessary for the manufacturers to hike the prices of their vehicles. Moving ahead as the auto industry is transforming from BS-IV to BS-VI standard norms followed by the integration of the safety norms to get the upcoming vehicles clear the crash tests, it is becomes mandatory for the government to not put extra burden on the manufacturers and the buyers in the form of the higher taxes.
It would be interesting to know that the key players of the industry unanimously are of the view that imposing 28% GSt on the vehicles is quite high. Replying to press in a statement Finance Minister said, that the government has discussed the recommendation of cutting the GST rate for the automobiles with the GST council, which will finally take its decision on September 20, 2019.
Comparison in car sales between 2019 - 2018 MS refers to market share and data in green reveals the growth
Along with this the government has also removed its restrictions from the public organizations for purchasing the new vehicles to upgrade their existing fleet of vehicles used for their official purpose. The government is also speculating to introduce the vehicle scrappage scheme to encourage the purchase of the new vehicles to deal with the increasing problem of pollution.