GST 2.0 drives record surge in two-wheeler sales
India’s two-wheeler sales hit 1.85 million units in October, the highest monthly figure this year, after the government cut taxes under its revised goods and services tax system. The tax rate on motorcycles up to 350 cubic centimeters dropped from 28 percent to 18 percent, lowering prices and spurring purchases ahead of Diwali festivities.
Hero MotoCorp saw wholesale volumes rise 5 percent to 647,582 units in September, while registrations climbed 19 percent to 323,230 units. Honda Motorcycle and Scooter India increased output 3 percent to 505,000 units, and TVS Motor Company grew 12 percent to 413,000 units on strong scooter demand. Royal Enfield posted the steepest gain at 43 percent with 113,000 units.
