Hyundai, Mahindra, Tata: Why are car companies slashing prices? Check discount lists
&imwidth=600&imheight=450&format=webp&quality=medium "Hyundai, Mahindra, Tata: Why are car companies slashing prices? Check discount lists")
Hyundai Tuscon's prices will be slashed by Rs 2,40,303. Photograph: (ANI file)
Several car companies have announced heavy discounts on their cars, including Hyundai, Mahindra and Mahindra and Tata Motors. These discounts will take effect from September 22. Here's why the car companies are announcing discounts.
Hyundai India announced on Sunday a price reduction of up to Rs 2.4 lakh for its cars. The move came days after Tata, Mahindra and Mahindra and Renault India also slashed prices of their products.
Hyundai Verna's car prices will drop by Rs 60,640, Tuscon's prices will be slashed by Rs 2,40,303. The prices of the Hyundai Grand i10 Nios, Exter, Hyundai i20, Creta, and Alcazar will also be dropped.
The new prices of these cars will take effect on September 22.
Here's how much discount Hyundai cars will be on from September 22.
Hyundai Tucson- Rs 2,40,303
i20- Rs 98,053
i20 N Line- Rs 1,08,116
Venue- Rs 1,23,659
Venue N Line- Rs 1,19,390
Grand i 10 Nios- Rs 73,808
Aura- Rs 78,465
Exter- Rs 89,209
Verna- Rs 60,640
Creta- Rs 72,145
Creta N Line- Rs 71,762
Last week, Tata also released a list of cars with discounts
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Tiago - Rs 75000
Tigor- Rs 80000
Altroz- Rs 1,10,000
Punch- Rs 85000
Nexon- Rs 1,55,000
Curvv- Rs 65,000
Harrier- Rs 1,40,000
Safari- Rs 1,45,000.
Here are some of the discounts offered by Mahindra.
XUV3XO (Petrol) - Rs 1.40 lakh
THAR 2WD (Diesel) - Rs 1.35 lakh
Bolero/Neo - Rs 1.27 lakh
Scorpio Classic - Rs 1.01 lakh
Scorpio-N - Rs 1.45 lakh
Thar Roxx- Rs 1.33 lakh
XUV 700 - 1.43 lakh
Why are car companies slashing prices?
Last week, Finance Minister Nirmala Sitharaman announced the GST Council's decision that the 12 per cent and 28 per cent slabs will be discontinued. Most of the goods and services in these categories will be moved to the 5 per cent and 18 per cent slabs.
The GST on sub-4 metre and below 1200 cc cars, dubbed small cars, was also slashed from 28 per cent to 18 per cent. Utility vehicles, whose engines are above 1500 cc, were moved to the newly created 40 per cent slab, where all sin goods will be placed.
Earlier, the total tax on utility vehicles was 48 per cent.
All the car companies will pass on the benefits of the GST reduction to their customers. Hence, they have announced the slashing of car prices.
The new tax rates will take effect on September 22.