GST Reform– Good news for bike lovers. The Goods and Services Tax (GST) reform is going to be implemented from September 22nd. Recently, the Finance Ministry notified the Central Goods and Services Tax (CGST) rates for products. Following this notification, states will also have to notify their State GST (SGST) rates. It is worth noting that after the approval of the GST Council, under the new system, from September 22nd, most goods and services will be taxed at the rate of 5 and 18 percent. This will reduce the prices of many everyday items.
After the implementation of the new GST reduction rules, the prices of bikes and scooters will also decrease. Companies including Royal Enfield, Hero, Honda, TVS, Yamaha, Bajaj, and others have announced to share the benefits of the GST reduction with customers.
This will reduce the prices of vehicles like Bullet, Pulsar, Apache and others. Satvir Singh, a dealer at Pashupati Motors in South Delhi, says that bookings have increased significantly. Every customer wants delivery on or after September 22nd to take advantage of the GST rate cut. He added that he expects sales to more than double this festive season.
We also expect sales to increase by 20 percent in the long term. Satvir Singh, a dealer at Pashupati Motors, said that starting September 22nd, all types of two-wheeled motorcycles and scooters across the country will become cheaper by approximately Rs 6,000 to Rs 15,000. However, Royal Enfield has announced that the price of its 350cc Bullet bike will be reduced by up to Rs 22,000.
Royal Enfield to reduce prices of 350cc bikes by Rs 22,000
Royal Enfield has announced a price cut of up to Rs 22,000 on its 350cc bike range, effective September 22. Following the recent reforms by the GST Council, the company will pass on the full benefit of the GST rate reduction to its customers across its motorcycle business, services, apparel and accessories segments, the company said in a statement on Wednesday.
From Yamaha to TVS, prices have been reduced.
1. Yamaha Motor India on Tuesday announced that it will pass on the full benefit of the recent reduction in GST rates on two-wheelers to its customers from September 22.
2. Along with this, other major two-wheeler companies like TVS, Bajaj Auto and Royal Enfield have also announced to transfer the full benefit of GST reduction to the customers.
3. The GST Council, in its 56th meeting, reduced the tax rate on two-wheelers with engines from 28 percent to 18 percent. This decision is expected to make motorcycles and scooters more affordable ahead of the festive season, boosting demand.
India Yamaha Motor said the decision will result in a price cut of up to Rs 17,500 on models including the R15, MT15, FG Series, Aerox 155, FZR and Fascino. Chairman Itaru Otani thanked the government for the timely GST reduction and said Yamaha is happy to pass on the full benefit to customers.
Bajaj two-wheeler prices cut by up to Rs 20,000
However, prices of its electric vehicles, including the iQube, Orbiter, and TVS X, will remain unchanged as GST rates on electric vehicles remain the same. Bajaj Auto has announced a price cut of up to ₹20,000 on its two-wheelers, while three-wheelers will become cheaper by up to ₹24,000. The company said that all Bajaj and KTM models will be available with revised prices after the reforms come into effect.
Honda’s 350cc model will see a price cut of up to ₹18,800
Honda to reduce prices of models up to 350 cc by up to Rs 18,800 The company said in a statement on Thursday that it will pass on the full benefit of the recent GST rate cut to customers across its product portfolio. This will include both scooters and motorcycles up to 350 cc. HMSI said that following the GST Council’s decision to reduce GST on two-wheelers from 28 per cent to 18 per cent, customers will now get significant savings of up to Rs 18,800 on the showroom price, depending on the model.
