Royal Enfield Reacts Strongly To GST Hike News
Siddhartha Lal has recently put out a statement appealing the government for a uniform 18% tax structure
Executive Chairman of Royal Enfield's parent company Eicher Motors Limited, Siddhartha Lal, recently made an appeal to the government for a uniform 18% GST on all two-wheelers. This comes in shortly after the government's proposal of increasing GST on two-wheelers above 350cc to a flat 40% up from the existing 28% plus 3% cess.
While the new proposal also intends to reduce GST of two-wheelers under 350cc to 18% from the current 28%, Lal calls for a uniform 18% GST rate. According to Lal, increased GST could impact investment and scale, reduce brand recall in global markets, and give foreign brands an advantage.
Lal also emphasised the positive impacts of reduced GST on India's fast-growing electric two-wheeler manufacturing and its component ecosystem. Here's his full statement:
While bikes above 350cc are just a fraction of the overall Indian two-wheeler sales, Lal has highlighted the far-reaching impacts to the country's economy and also its importance on the global scale when it comes to India's two-wheeler manufacturing prowess. New GST rates are out and here's how they affect the bike and scooter prices.
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