New Delhi: TVS Motor Company on Monday said they will be passing the complete GST rate reduction benefit to their customers across the ICE portfolio. With the GST Council reducing GST on ICE vehicles down from 28 per cent to 18 per cent, there is going to be heavy savings on the company’s products, TVS Motor Co said in their statement, without giving many details.
Electric vehicles, though, remain unaffected and will continue to enjoy the concessional rate of five per cent GST. The benefits will be available to customers from September 22nd of this year.
TVS Director and CEO, KN Radhakrishnan, said, “The GST rate rationalisation is a bold and transformative move that will accelerate consumption across society.” He further noted that the company will be giving the complete benefit to their ICE customers. Moreover, the company has said that it will be undertaking extensive communication measures in order to keep their customers informed about the benefits to be received from the GST rate reduction.
Following an August marred by poor sales, the GST benefits come right before the festive season to provide incentives for potential customers. Most industry experts are predicting an upward sales curve due to the GST reductions and the approaching festive season, along with good monsoons to aid rural sales as well.