Hyundai raises vehicle prices by up to Rs84,867 on GST cess hike
New Delhi: Hyundai Motor India Ltd (HMIL) on Friday increased prices of its various models by up to Rs84,867, following a hike in goods and services tax (GST) cess rates.
The price hike will range from 2 to 5% and will be effective from 11 September, 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 Rs12,547. Besides, it has raised prices of the newly launched mid- sized sedan Verna by up to Rs29,090.
Similarly, prices of SUV Creta have been hiked ranging between Rs20,900 and Rs55,375. The automaker has also raised prices of its premium sedan Elantra ranging between Rs50,312 and Rs75,991. It has also increased price of premium SUV Tuscon between Rs64,828 and Rs84,867.
Fiat Chrysler Automobiles (FCA) has also announced hike in prices of its Jeep and Fiat range of vehicles by up to Rs6.4 lakh.
On Thursday, Honda Cars India had announced increase in prices of its models—City, BR-V and CR-V models, ranging between Rs7,003 and Rs89,069.
Earlier this week, Toyota Kirloskar Motor (TKM) had announced hike in prices of select models, including Innova Crysta and premium SUV Fortuner, ranging from Rs13,000 to Rs1.6 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%.