Industry

Hyundai hikes vehicle prices by up to ₹ 84,867

more-in

Under the GST regime, cars now attract the highest tax slab of 28 %

Hyundai Motor India Ltd (HMIL) on Friday has increased prices of its various models by up to ₹84,867, following a hike in GST cess rates.

The price hike will range from 2 to 5 % and will be effective from September 11, has the company said in a statement.

HMIL, which is country’s second largest passenger car manufacturer, has hiked price of 1.4 litre petrol automatic variant of its premium hatchback Elite i20 by ₹12,547.

Besides, it has raised prices of the newly launched mid- sized sedan Verna by up to ₹ 29,090. Similarly, prices of SUV Creta have been hiked ranging between ₹ 20,900 and ₹ 55,375.

The automaker has also raised prices of its premium sedan Elantra ranging between ₹50,312 and Rs 75,991. It has also increased price of premium SUV Tuscon between ₹ 64,828 and ₹ 84,867.

Fiat Chrysler Automobiles (FCA) has also announced hike in prices of its Jeep and Fiat range of vehicles by up to Rs 6.4 lakh.

On Thursday , Honda Cars India had announced increase in prices of its models - City, BR-V and CR—V models, ranging between ₹ 7,003 and ₹ 89,069.

Earlier this week, Toyota Kirloskar Motor (TKM) had announced hike in prices of select models, including Innova Crysta and premium SUV Fortuner, ranging from ₹ 13,000 to ₹1.6 lakh.

The development followed increase in GST cess rates on mid sized and large cars and SUVs by 2, 5 and 7 %, respectively.

Under the GST regime, cars now attract the highest tax slab of 28 % and on top of that cess ranging from 1 % to 22 %.

Why you should pay for quality journalism - Click to know more

Related Topics Business Industry
Recommended for you
This article is closed for comments.
Please Email the Editor

Printable version | Jan 26, 2020 5:29:32 PM | https://www.thehindu.com/business/Industry/hyundai-hikes-vehicle-prices-by-up-to-84867/article19693674.ece

Next Story