New Delhi sources have stated that after experiencing a marginal decline of 1.79% across the spectrum of automotive segments in October 2017, mainly due to stock corrections on account of the ongoing festive season, the industry seems to be finding its feet again and coming back on track.
Meanwhile as monthly results of automotive companies flow in, most of the vehicle segments have bucked the earlier trend and shown double digit growth. For instance commercial vehicles have witnessed a robust growth led by medium and heavy commercial vehicles. Moreover the centre has recently announced a number of infrastructure as well as road and highway projects to boost the economic growth, and the effect is clearly becoming visible.
Meanwhile GDP in the Q2 period, July to September 2017, has also grown at 6.3%, a positive indicator of the economy coming back to normalcy, especially after it plunged to 5.7% in Q1. This augurs well for the industry.
Road tax increased for automobile industry New Delhi sources have stated that the cheer that goods and service tax has brought to the automotive market has diminished, with concerns mounting over the risk of states raising road tax to offset revenue loss and was added that Maharashtra has already decided to increase the levy on vehicles by 2% to compensate for the absence of octroi, a state tax which has now been merged with GST.
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