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The top five markets, Mumbai, NCR, Pune, Chennai, and Kolkata, accounted for 75-78 percent of total IWLP stock in India as of March 2023.
The Goods and Services Tax (GST) Council's decision to modify the definition of an SUV to include only length (4 metres and above), engine capacity (1,500 cc and more), and ground clearance (unladen clearance of 170 mm and more) to attract a cess over and above the GST rate is expected to bring more clarity to the taxation structure for utility vehicles.
The GST council has set new rules to identify SUVs, and the body style will now attract more taxes as the councils sets new cess slabs.
The Goods and Services Tax (GST) Council decided that the definition of an SUV will include only the length (4 metres and above), engine capacity (1,500 cc and more), and ground clearance (unladen ground clearance of 170 mm and more).
According to FADA, the auto retail sales in June demonstrated a 10% year-on-year growth, encompassing positive performances across various vehicle categories, including 2-wheelers, 3-wheelers, passenger vehicles, tractors and commercial vehicles.