Hyundai Motor India Ltd. Statement on GST Cess Hike
Implementation of GST was to create single unified large market with simplified tax structure for auto industry. However the recent rolling back to multiple rates with Pre GST classification has come as a set back to industry shaking the confidence of Auto manufacturers.
We expect the coming festive season will witness low customer sentiment on new purchase decision.
Further in the absence of consistent and long term policy the investment for new products and new technology will be adversely impacted.