GST effect: Maruti, Audi, JLR reduce prices of various models
Several automobile companies have reduced their vehicle prices after the roll-out of the Goods and Services Tax (GST).
Automobile majors like Maruti Suzuki, Jaguar Land Rover (JLR) and Audi India announced that they have reduced prices on various models.
However, owing to withdrawal of tax concessions on mild hybrid vehicles, the prices of vehicles in this category like "Smart Hybrid Ciaz Diesel" and "Smart Hybrid Ertiga Diesel" have been increased.
On its part, automobile major Maruti Suzuki India said that after the implementation of GST, the ex-showroom prices of its models have come down by up to three per cent.
"The rate of reduction varies across locations depending on the VAT (value added tax) rates applicable prior to GST," the company said in a statement.
According to luxury automobile manufacturer Jaguar Land Rover (JLR) India, it has reduced prices of its locally manufactured models by seven percent on an average.
Also Read: Jaguar Land Rover India announces new prices for its product line; check them here
"Post GST regime, Jaguar Land Rover`s locally manufactured prices have come down by seven per cent on an average," the company said in a statement.
Another luxury car manufacturer Audi India said that it has reduced prices between three per cent to nine per cent depending upon the model and region post GST implementation.
"The new realigned prices offer great opportunity to expand the market and widen our customer base," said Rahil Ansari, Head, Audi India.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
Power of Compounding: How many years it will take to reach Rs 2 crore corpus if your monthly SIP is Rs 3,000, Rs 4,000, or Rs 5,000
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
08:17 PM IST