New GST Rates: Record Car Sales Happening?

It is already known that the GST overhaul on cars meant that the taxation was reduced from 28% to 18% in the new reform. The new GST slab came to effect from September 22rd, as communicated by PM Modi on the occasion of Navratri. 

On the occasion, which coincides with reduced GST, the car prices have come down considerably across the country. 

This has now started to have an overwhelming effect on the car sales across India as showrooms are reportedly witnessing significantly higher interest from buyers. 

According to reports, Maruti Suzuki has sold 30,000 cars on day one of the new GST system while on the other hand, Hyundai has sold 11,000 cars, its highest single-day performance in five years. 

The sales and billings are described as about 5-6 times their normal daily average and this is on the very first day of the new GST taxation regime which is a positive indication. Record sales are being registered by leading car manufacturers and this positive momentum is expected to continue over the next few days as well.