GST Bonanza: M&M Announces Benefits To Consumers — Check New Prices
According to the company, the highest benefit of Rs 1.56 lakh will apply on the diesel variant of the XUV3XO.
Mahindra and Mahindra Ltd. on Saturday announced it will fully pass on the benefits of the recently announced GST 2.0 reforms to customers, making its internal combustion engine SUV portfolio cheaper by up to Rs 1.56 lakh.
The price cuts come after the 56th GST Council meeting chaired by Finance Minister Nirmala Sitharaman on Sept. 3, where tax rates on SUVs were reduced. Starting today, buyers across Mahindra's ICE SUV lineup will be able to avail themselves of the lower prices.
"Action, not just promises," tweeted Anand Mahindra, the Chairman of the Mahindra Group on the unveiling of the discounted prices.
According to the company, the highest benefit of Rs 1.56 lakh will apply to the diesel variant of the XUV3XO. The petrol version of the same model will see a reduction of Rs 1.40 lakh. Other popular models such as the Bolero Neo and Thar 2WD (Diesel) will be cheaper by around Rs 1.27 lakh and Rs 1.35 lakh, respectively.
Higher-end SUVs, including the Scorpio-N and XUV700, will also see prices trimmed by over Rs 1.4 lakh each. Meanwhile, the Thar 4WD Diesel, Scorpio Classic, and Thar Roxx will be cheaper by about Rs 1–1.3 lakh.
Under GST 2.0, the overall GST plus cess rates have been reduced across categories. For instance, models earlier attracting 31% tax (such as Bolero and XUV3XO diesel) will now be taxed at 18%, while SUVs previously taxed at 48% (including the Scorpio-N, XUV700, and Thar Roxx) will come down to 40%.
India's largest SUV maker's move is aimed at ensuring customers directly benefit from the tax reduction rather than the company absorbing the margin. The automaker joins other players like Tata Motors and Renault in recalibrating prices following GST 2.0, which is also projected to bring down inflationary pressures across the economy.
