New Delhi sources have stated that the Naveen Munjal led Hero Electric is planning to touch Rs 1,000 crore revenue in next four year. The Delhi based electric vehicle manufacturer is aiming to double revenue every year. The company closed its past FY17 at Rs 50 crore. Sohinder Gill, CEO, Hero Electric said “We will touch Rs 100 crore revenue this year only. We have progressed from the Rs 50 crore to Rs 100 crore company in just one year. So, with this pace, soon we will be an Rs 1,000 crore company”.
Meanwhile the company, which sells 6 out of 10 electric two wheelers in this segment, is expecting to touch 2 lakh sales mark in next three to five years. Last year, it sold 15,000 units out of the total 23,000 units sold in the industry. While this year, the company has already crossed 15,000 units sales mark in the first six months.
Further to back the growth and expansion plans, the company is aggressively scouting for land for its second plant in the South India, primarily in Andhra Pradesh and Telangana. For this, the company has planned an Rs 200 crore investment in next two to three years.
GST not imposed for second hand car by an individual According to sources the Revenue Department had clarified that sale of old jewelry as well as old vehicles by individuals will not attract any GST as the sale is not for furthering any business. Meanwhile when clarifying on Revenue Secretary Hasmukh Adhia's comments yesterday stating that it was informed at GST Master Class that "purchase of old gold jewelery by a jeweler from a consumer will be subject to GST at the rate of 3% under reverse charge mechanism in terms of the provisions contained
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