Some car and two-wheeler prices fell on day two of the unified indirect tax regime on Sunday and consumer companies promised more cuts in the days and weeks to come as goods produced after July 1 hit the market.
Japanese automotive giant Toyota slashed prices of its cars by up to 13%, while New Delhi-based Hero MotoCorp reduced prices of twowheelers by Rs 400-4,000. Hyundai Motors, Tata Motors and Ford India are expected to unveil price cuts in the next few days taking the cue from market leader Maruti Suzuki.
India entered a new era of single, unified tax regime called the Goods and Services Tax (GST) on Saturday, an era which promises a nation-wide single market and fewer tax hassles in the form of a leaner, simpler tax structure. Four tax slabs — 5%, 12%, 18% and 28% — replaced an assortment of local, national and state-level taxes that has been blamed for inefficiency and corruption.