Total passenger vehicle sales rose 13.76%, at 2,94,335 units sold in August 2017 versus 2,58,737 units in the same month past year, according to the latest figures from the Society of Indian Automobile Manufacturers (SIAM).
As per the Society of Indian Automobile Manufacturers (SIAM) data, 198,811 passenger cars were sold in August 2017 compared to 177,829 units sold in August 2016.
The van segment continues to grow with sales of 16,860 units (+11.30%), as opposed to the 15,148 units sold in August 2016.
The passenger vehicle (PV) segment, which was the most affected by the additional GST cess, posted growth of 13.76 percent with sales of 294,335 units (August 2016: 258,737), marginally down on July 2017 numbers of 298,997 units.
It was the SUVs or UVs which drive the sales, growing by 20 per cent in August.
"In terms of passenger vehicles and two-wheelers this basically implies that rural demand is back after the impact of demonetisation... monsoon has been good and the impact of demonetisation is wearing off so that we are seeing the industry bouncing back in the month of August", said Vishnu Mathur, Director General of SIAM.
Given a tough Q1, the segment has seen an uptick in July and August sales point towards greater recovery on the back of improving sentiment, streamlining of production of OEMs and upcoming festive season. Within the Two Wheelers segment, Scooters and Motorcycles grew by 18.27 percent and 7.89 percent respectively, while Mopeds declined by (-) 8.60 percent in April-August 2017 over April-August 2016.
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Two-wheeler sales posted a good growth of 14.69% as total sales during the month increased to 18,91,062 units in comparison to 16,48,871 units in the same month previous year.
It, however, hoped the new cess rates announced last week would now remain stable and not be increased frequently.
Homegrown utility vehicle major Mahindra & Mahindra clocked a growth of 5.91 per cent in its passenger vehicle sales at 19,325 units during the month.
"With the new GST Cess, the taxation on mid-sized passenger cars have been nearly restored to the pre-GST levels, while taxes on luxury cars and SUVs have been slightly moderated".
Three Wheelers sales declined by (-) 16.26 percent in April-August 2017 over the same period a year ago.
"SIAM feels that the long standing anomaly in the taxation of 10-13 seater vehicles could have been fully corrected and these should have been fixed at a GST rate of 28 per cent without any cess as these are public transport vehicles and not for personal use", it said in a statement. "Players started off with strong sales while the growth was restricted by the GST implementation and ambiguity with the cess rate to be charged to the different categories of passenger vehicles", highlights the report.