The fitment committee under the Goods and Services Tax (GST) Council, comprising central and state officials, may consider the proposal of Baja Auto over reduction in GST on CNG two-wheelers, reported CNBC-TV18 on August 22 citing sources.
India’s largest two-wheeler maker has sought that two-wheelers be considered under the EV vehicles category, which currently attract 5 percent GST, CNBC-TV18 reported.
The report added Rajiv Bajaj, CEO of Bajaj Auto, had also met officials at the Finance Ministry.
Bajaj Auto is preparing to increase its production capacity for the CNG motorcycle to 20,000 units per month by September or October this year. The company had officially launched the world’s first CNG motorcycle on July 5 and has sold 1,600 units of the bike so far.
Bajaj Freedom 125 is the world’s first motorcycle with CNG integration and comes in three variants with prices starting at Rs 95,000 ex-showroom. The company claims that the Freedom 125 reduces operating costs by 50% and offers a range of 330 kilometres. The bike features a dual fuel system, equipped with a CNG cylinder and a two-litre petrol tank.
Meanwhile, Bajaj Auto shares ended flat in Thursday's trade to end at Rs 9,927 per share on the NSE. On the back new launches, the counter of the company delivered multibagger returns of 114.16 percent in the last one year alone.
The company posted posted an 18 percent on-year rise in its Q1 FY25 consolidated net profit to Rs 1,941.79 crore amid robust 2-wheeler sales.
The Pune-based automaker’s revenue during the April-June quarter jumped 16 percent on-year to Rs 11,932 crore, aided by robust vehicles sales and record spares revenue, leading to a higher average selling price (ASP).
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
