 "Hyundai, Hyundai motors, Hyundai IPO")
After companies like Maruti Suzuki India and Mahindra & Mahindra announced full transfer of benefits of the GST rejig to buyers on Friday, Hyundai Motor India also jumped on the bandwagon. On Sunday, the Creta maker announced its customers can take complete advantage of the rate cut on passenger vehicles from September 22, as its models could become cheaper by up to ₹2.40 lakh.
Hyundai said the move will make its cars and SUVs more accessible this festive season and help boost sales. The government’s decision to reduce GST on passenger vehicles, announced earlier this month, has prompted major automakers to announce price cuts.
“We sincerely appreciate the progressive and far-sighted move by the Government of India to reduce GST on passenger vehicles. This reform is not only a boost to the automotive industry but also a strong step towards empowering millions of customers by making personal mobility more affordable and accessible,” Unsoo Kim, managing director of Hyundai Motor India, said.
The reductions will range from ₹60,640 on the Verna to as high as ₹2,40,303 on the Tucson. Other popular models, such as the Venue will see cuts of up to ₹1.23 lakh, while Creta will see cuts of up to ₹72,145, and the i20 up to ₹98,053.
The GST Council on Wednesday cut the tax on small cars (less than 4 metres in length and under 1200 cc engine capacity for petrol and 1500 cc for diesel) to 18 per cent from an earlier 29-31 per cent (including cess) levy. As for larger cars (over 4 meters, over 1500 cc engine, and over 170 mm ground clearance), the tax rates are slashed to 40 per cent from an earlier effective rate of 50 per cent (including cess). The Centre has withdrawn the compensation cess. Motorcycles with engine capacity less than 350 cc also will be taxed at 18 per cent, as against the current levy of 28 per cent.
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