Navratri Sees Record Auto & Electronics Sales in 10 Years After GST Cut
The reduction in GST rates during Navratri led to the highest growth in automobile and consumer electronics sales in the last 10 years. Maruti Suzuki's sales jumped by 100%, while Hyundai and Mahindra also recorded significant growth. Consumer electronics companies like Haier also reported strong sales.
Sales of both automobiles and consumer electronics during Navratri this year were the highest in the last 10 years due to the reduction in GST rates.
Jagran Finance Ministry sources say that according to data provided by major brands and retailers, their sales increased by 25-100 percent during Navratri. Maruti Suzuki has even stated that its sales increased by 100 percent during Navratri. The company delivered 1.65 lakh units in the first eight days of Navratri.
The company has reported that 3.5 lakh units have been booked since the GST reduction on September 22nd. Cars with engine capacity of 1200 cc and a length less than four meters now attract 18 percent GST instead of 28 percent. Whereas previously, a 28 percent GST was levied along with a 7-8 percent cess. Large cars are now subject to a 40 percent GST from September 22nd, but this has reduced their prices rather than increasing them. Before September 22nd, large cars were subject to a 28 percent GST and a 21-22 percent cess.
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Mahindra reported a 60 percent increase in sales compared to last year's Navratri. Demand for Hyundai's large cars, such as the Creta and Venue, has increased. Hyundai's sales increased by 72 percent during Navratri. Tata Motors sold 50,000 units during Navratri.
Consumer electronics company Haier saw an 85 percent increase in sales during Navratri compared to last year's Navratri. GST on TVs larger than 32 inches, along with ACs, has been reduced from 28 percent to 18 percent. According to the company, sales of 65-inch TVs during Navratri reached 350 units daily. Reliance Retail's sales increased by 25 percent during Navratri, while Vijay Sales' sales increased by 20 percent.
CAIT National General Secretary and BJP MP Praveen Khandelwal asserted on Friday that retail sales worth ₹4.75 lakh crore are projected this year during Navratri and Diwali, the new record. He elaborated that CAIT has carried out a survey of retail sales at some cities of the country and as per the survey, Diwali sales have been consistently rising in the last four years.
Retail sales during Navratri to Diwali for 2021 were ₹1.25 lakh crore, ₹2.50 lakh crore for 2022, ₹3.75 lakh crore for 2023, and ₹4.25 lakh crore for 2024. This year's number is estimated at ₹4.75 lakh crore.
