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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.
