Mumbai, July 6 (IANS) Automobile companies such as Tata Motors, Hyundai Motor India and Nissan Motor India on Thursday said that they have slashed vehicle prices post the introduction of the GST.
According to Tata Motors, it has reduced prices of its commercial vehicles (cargo) in the range of 0.3 per cent to 4.21 per cent and in commercial vehicles (passenger transportation) in the range of 0.6 per cent to 8.2 per cent.
“Following the roll-out of GST, we have decided to pass on the entire benefit to our customers in the ex-showroom prices,” said Girish Wagh, Head of Commercial Vehicle Business Unit, Tata Motors.
“We are confident that the post-GST price reduction will enable the customers to bring down their cost of operations and in turn, boost demand.”
On its part, Hyundai Motor India announced that it has passed on the GST benefit on vehicles to its customers.
“The rate of reduction varies from state to state across the car range depending on the earlier VAT rates. The price reduction will be up to 5.9 per cent (ex-showroom Delhi). The new prices are effective from July 1, 2017,”
Similarly, Nissan Motor India said that the ex-showroom prices of its products have been reduced by an average of three per cent depending on city and model specification.
“The implementation of the GST is a positive move for both automobile manufacturers and customers. We are happy to pass on the benefits to our customers for a more attractive value proposition,” said Arun Malhotra, Managing Director, Nissan India.
On Wednesday, Mahindra & Mahindra (M&M) and Renault India said that they have reduced prices due to GST roll-out.