New Delhi, Oct 5: The Next Gen GST reforms in India are significantly impacting the economy, particularly visible during the festive season, which has recorded unprecedented sales, especially in the automobile sector.
Income tax expert Vinod Rawal highlighted that the festive season has started on a strong note, with sales surpassing the previous decade’s record during the initial days of Navratri.
Major automotive brands reported impressive figures: Maruti delivered 165,000 cars, Mahindra saw a 60% increase in sales compared to the previous year, Hyundai captured a 72% share in the SUV market, and Tata sold 50,000 vehicles.
Rawal emphasized that the GST’s goal of “One Nation, One Tax” has been furthered through reforms that eliminated cess and integrated rates into the tax structure, thereby simplifying the taxation system.
He noted that the prompt processing of refunds contributes positively to market dynamics, indicating the immediate impact of these reforms.
Further supporting this view, automotive industry expert Arun Malhotra stated that the GST reforms have provided a considerable boost to the automobile sector, with prices of 95% of vehicles dropping by 8-10%.
The ongoing festive season has seen a surge in demand, fueled by reduced pricing and festive promotions.
Experts suggest that the Next Gen GST reforms have not only streamlined the tax system but also enhanced consumer confidence, paving the way for a prosperous festive season and a stronger economic projection. (IANS)
