GST cess hike impact: Hyundai hikes vehicle prices by up to Rs 84,867

The price hike will range from 2 to 5% and will be effective from Sept 11

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

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

HMIL, which is country's second largest passenger car manufacturer, has hiked the price of 1.4-litre petrol automatic variant of its premium hatchback Elite i20 by Rs 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 Rs 20,900 and Rs 55,375.

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

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

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

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

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

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