Chennai-based two-wheeler manufacturer TVS Motor Company Ltd., on Monday announced a reduction in prices of its two-wheelers in a bid to pass on the benefits from the Goods and Services Tax (GST) to its customers.
According to an exchange filing by the company, the price reduction is within the range of Rs 350 to Rs 1,500 in the commuter segment, while the prices of premium segment products are reduced up to Rs 4,150 depending on each state, effective from July 1.
The Company is very optimistic about GST which is a landmark reform. It will bring in a lot of ease in doing business.Statement From TVS Motor Company
The company has also assured ‘suitable assistance' to dealers on the opening stock as on July 1, 2017 as it was purchased by them at a pre-GST price.
Stock of the two-wheeler manufacturer parred early losses, rising as much as 1.18 percent to Rs 555.7 on the National Stock Exchange.
Besides, TVS Motor, Hero Motocorp, Maruti Suzuki and Tata Motors' Jaguar-Land Rover slashed prices of vehicles to pass the benefit of GST to its consumers.
Hero MotoCorp had slashed prices of models across its product portfolio in most of the states since the implementation of the tax reform on July 1.
Some of the models in Hero's premium segment would see a reduction of up to Rs 4,000 in certain markets.
Also Read: GST Countdown: Why Automobile Dealers Are Staring At Losses Running Into Crores
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