Good news for car buyers following the reduction in GST (Goods and Services Tax). Mahindra & Mahindra (M&M) has announced that it will not increase car prices from January next year. The company says that unless there is a significant increase in raw material prices, customers will not be charged more. This means that car buyers can benefit from this reduction in the coming months. A senior company official announced this on Thursday.
Car manufacturers typically increase their prices in January each year. However, M&M Executive Director and CEO Rajesh Jejurikar stated that they will only increase prices if there is a significant increase in raw material prices. He stated that it is important to pass on the benefits of the GST reduction to customers, so prices will not be increased unnecessarily.
In addition, car companies have also reduced prices due to the reduction in GST from September 22nd. The GST changes have reduced the tax on most small and mid-sized cars from 28% to 18%. Taxes on larger SUVs and luxury cars have been reduced from around 50% to 40%.
