GST 2.0 Impact: Tata Motors Cuts Car Prices By Up To Rs 4.65 Lakh, Hyundai By Up To Rs 2.4 Lakh
Tata Motors will reduce car prices in the range of Rs 30,000 to Rs 4.65 lakh, whereas Hyundai will slash the rates between Rs 60,000 and Rs 2.40 lakh.
Hyundai Motors India Ltd. and Tata Motors Ltd. on Sunday slashed prices to pass on GST benefits to customers as the new tax rates come into effect on Sept. 22.
This comes after Mahindra & Mahindra announced on Saturday that it will pass full benefits of up to Rs 1.56 lakh to consumer.
Under the new GST regime, small cars will be taxed at 18%, while bigger cars will attract 40% GST.
Hyundai has announced price reduction in the range of Rs 60,000 to Rs 2.40 lakh on its cars. Popular models like Nios, Aura and Exter to see price reduction of Rs 73, 808, Rs 78,465 and Rs 89,209, respectively. Meanwhile, Creta, Verna, i20, Alcazar and Tucson will see price reduction of Rs 72,145, Rs 60,640, Rs 98,053, Rs 75,376 and Rs 2.40 lakh, respectively.
Tata Motors will reduce prices between Rs 30,000 and Rs 4.65 lakh. Here's a look:
Price reduction for HCV in the range of Rs 2,80,000 to Rs 4,65,000
Price reduction for ILMCV in the range of Rs 1,00,000 to Rs 3,00,000
Price reduction for buses and vans in the range of Rs 1,20,000 to Rs 4,35,000
Price reduction for passenger SCV in the range of Rs 52,000 to Rs 66,000
Price reduction for SCV and pickups in the range of Rs 30,000 to Rs 1,10,000
At the GST Council Meeting, the consensus was reached on retaining tax on small electric cars, electric SUVs and luxury electric cars at 5%.
Meanwhile, diesel and diesel hybrid cars (not exceeding 1500 cc and 4000mm) will see GST go down from 28% to 18%.
Motor vehicles for the transport of goods such as buses, trucks and ambulances will also have a similar tax cut, reducing from 28% to 18%, as per new GST reforms.
