Pawan Munjal Hero MotoCorp CM & CEO Seeks GST Reduction on its 2W

CalenderPublished at February 6, 2023 by BikeJunction
Pawan Munjal Hero MotoCorp CM & CEO Seeks GST Reduction on its 2W

Pawan Munjal, the chairman and CEO of Hero MotoCorp, has requested that the Goods and Services Tax (GST) on two-wheelers be decreased from the current 28% to 18%. Models including the HF Deluxe, Splendor+, Glamour, Xtreme 160R, Passion Pro, Xpulse 200T, Xoom, Pleasure+, and Maestro Edge 125 are offered by the world's leading maker of motorcycles and scooters.

From 358,660 units in January 2022 to 349,437 units in January 2023, the company's domestic volume fell by 2.57%. However, it increased 9.61% from 3,896,300 units in the same time last year to 4,270,746 units in April-January FY23.

"Our suggestion is to consider a reduction of GST from 28% to 18% on two-wheelers in the next council meeting," Munjal said in a statement on February 1.

"This will go a long way in boosting the much-needed growth of this sector in particular and the overall economy in general, given the multiplier nature of this sector," he added.

Two-wheelers are subject to a 28% GST. A cess of 3% is applied to models with engines larger than 350 cc, while none is applied to those with engines smaller than 350 cc.

Due to factors like rising inflation, expensive fuel, high ownership costs, and weak demand in rural regions, the domestic two-wheeler business has recently experienced challenges.

In India, Hero MotoCorp just released a brand-new scooter called the Xoom. Hero Xoom competes against Honda Activa and TVS Jupiter with a price range of Rs 68,599 to Rs 76,699 (ex-showroom).

The new Xoom uses an air-cooled, 4-stroke, 110.9cc SI engine with a maximum output of 8.05bhp and a maximum torque of 8.70Nm. In addition, the scooter has a supposedly first-in-the-industry intelligent cornering light called HiCL-Hero.

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