Sales of luxury cars are on the rise, thanks to the unexpected effect of the Goods and Services Tax—the implementation of which would lead to reduction in taxes on luxury cars from 55% to 43%. Manufacturers predict volume of sales to grow in double digits in the months ahead. According to reports, industry insiders have predicted sales to swell by 15%, while Society of Indian Automobile Manufacturers has predicted this rise to be in the range of 7-9%. GST would be implemented from July 1, 2017.
