Key highlights
- CEAT tyres announces new GST 2.0 rates
- Tractor tyres to witness a massive price drop
- New GST rates will be implemented from September 22
Ceat has announced that it will pass on the complete GST benefits to its customers in the revised slab rates that are going to come into effect later this month.
Also read: Mahindra cars to get a full warranty coverage for E20 fuel
CEAT tyres GST 2.0 price cut details
Ceat is one of the oldest tyre manufacturers in India. Popular among commuter two-wheelers and passenger cars, Ceat is soon going to massively reduce the prices of its products.
This decision comes after the newly revised GST slabs were announced recently by the government. As per the details, most tyres that were subjected to 28% tax will now drop down to 18% tax, which means that the costs will be reduced generously.
However, the biggest news is for the agriculture industry as the GST on tractor tyres will come down to 5% from 18%. This will help farmers and other agriculture or construction-related workers earn more.
As far as the commercial vehicles are concerned, the will drop by 10%. However, considering that the commercial vehicle tyres are generally costly, the new rates will offer commendable discounts and affordability to the drivers and fleet owners.
With the announcement of the revised rates of tyres, Ceat shares jumped 6% yesterday in the stock market. Other tyre manufacturers like MRF and Apollo are also set to follow the same route.
