Auto industry seeks execution of new GST rates faster

HIT by a sudden decline in sales and enquiries, the automobile industry has urged the government to hasten the implementation of new GST rates, seeking their rollout before the start of the festive season in the second half of September.

- ARSHAD KHAN @New Delhi

After Prime Minister Narendra Modi announced next-generation GST reforms and GST rate cuts in his Independence Day speech, buyers have started delaying their purchase in anticipation that prices of smaller cars and two-wheelers may decline up to 8-10%.

A CEO of a leading car company said they are hopeful of a quick resolution given the GST council is likely to meet soon. "Sales have fallen in double-digit figures since the GST rate cut news started circulating. It is important that this matter is taken seriously," he added.