The Union Finance Ministry has reduced the GST rate on small cars to 18% from 28%, Maruti Suzuki India Ltd., Tata Motors Ltd. and Mahindra & Mahindra Ltd., all of whose stocks peaked in nearly 11 months.
The GST Council has reduced the rate on small cars, less than four metres in length with petrol engines up to 1,200 cc and diesel engines up to 1,500 cc. The revised rates stand at 18% from the present 28%.
Chennai: In this Friday, Aug 23, 2019, photo cars are seen parked in a dock at the Chennai Port Trust. Automobile sales in India witnessed its worst-ever drop in August with despatches in all segments, including passenger vehicles and two-wheelers, continuing to plummet as the sector reels under an unprecedented downturn, industry body SIAM reported on Monday, Sep 09, 2019. (PTI Photo/R Senthil Kumar)(PTI9_9_2019_000067B)
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