Car sales surge in August in anticipation of GST cess hike
New Delhi: Sales of passenger vehicles grew 13.76% in August, driven largely by demand for utility vehicles, as customers advanced their purchases in anticipation of prices going up due to an increase in GST cess on cars.
The industry has now entered its most crucial month, which also includes the shraadh period when many people refrain from making big-ticket purchases. Yet, auto industry lobby Society of Indian Automobile Manufacturers (Siam) remains bullish, citing reasons such as evenly spread rainfall, declining interest rates, and pickup in demand from rural areas.
Two-wheeler sales, too, recovered and grew at 15% during the month.
- Mankind Pharma gearing up to enter US, may start product filings in FY18
- Lemon Tree Hotels files IPO papers with Sebi
- Tax department raids Coffee Day chairman’s house, offices
- Chinese navy gets new nuclear submarine
- Railway minister says food served on board trains must carry details of quantity, supplier