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The automobile industry continued to be in the slow lane in August with all major players reporting significant declines in their respective sales.
Tata Motors reported a 49 percent slump in its domestic sales on a year-on-year (YoY) basis at 29,140 units. The commercial vehicles' sales dipped 45 percent to 21,824 units, it said. It sold 7,316 passenger vehicles in August, a decline of 58 percent from 17,351 units during the year-ago month.
Maruti Suzuki India reported a 32.7 percent decline in its vehicle sales last month YoY. The company sold 1,06,413 units, including exports, compared with 1,58,189 vehicles in August 2018.
Of the total off-take, domestic sales fell nearly 36 percent to 94,728 automobiles. Domestic passenger vehicle sales were down 36.1 percent at 93,173 units from 1,45,895 during the corresponding month last year, Maruti Suzuki said in a statement.
Similarly, Mahindra and Mahindra's (M&M) local sales declined 26 percent YoY. It sold 33,564 vehicles during the month against 45,373 units in the year-ago month
Hyundai Motor India, sold 38,205 units, lower by 16.58 percent from 45,801 units in August 2018.
Finance Minister Nirmala Sitharaman said in Chennai on Sunday the GST Council would take the call on reducing the tax on motor vehicles. "One of the suggestion was the reduction of GST for the automobile sector, that, of course, will have to go to the (GST) Council," she said.
To help revive the sector, the Minister on August 23 had announced that the government departments would be allowed to buy new vehicles, automobiles purchased till March 31, 2020 could avail the benefit of additional depreciation of 15 percent, with total depreciation up to 30 percent, and BS-IV vehicles bought till March 31, 2020 would remain operational for their entire registration period.
--(IANS) For more interesting stories, Download the Lopscoop application from Google play store and earn extra money by sharing it on social media.
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