GST effect: TVS Motor reduces prices across range to pass on benefits
Now that the revolutionary GST has come into effect, it is the best time for all the prospective buyers. The collective tax levied previously included 12.5 per cent excise duty, 12.5 per cent VAT, 2 per cent CST (Central Sales Tax) and 1 per cent NCCD (National Calamity Contingent Duty). This made a total of approximately 30.2 per cent. The GST structure has replaced the central excise duty and service taxes that are collected by the central government. Accordingly, the duty of 30.2 per cent has been reduced to 28 per cent for two-wheelers with a displacement less than 350cc. Read about it in detail here.
Chennai-based motorcycle manufacturer TVS Motor Company announced reduction in prices of its offerings in the commuter and the premium space to pass on GST benefits to its customers. The company states that GST will bring in a lot of ease in doing business, and it will be a huge positive for the country. In the commuter segment, the prices have been reduced in the range of Rs 350 to Rs 1,500, whereas in the premium space, the prices have been brought down by Rs 4,150, depending on the state. TVS also mentioned that the dealers will be given suitable assistance on the stock that was purchased by them at a pre-GST price.