Beginning on September 22, Hyundai will lower the price of the Verna, Creta, Venue, i20, and Tucson by up to ₹2.40 lakh in response to the drop in the GST rate. This will make automobiles more accessible over the holiday season.
Hyundai GST Price Cuts
Hyundai Motor India joined the chorus after businesses such as Maruti Suzuki India and Mahindra & Mahindra said on Friday that the entire advantages of the GST reform will be transferred to consumers. The Creta manufacturer said on Sunday that its clients may benefit fully from the September 22 rate reduction on passenger cars, as its models may drop by as much as ₹2.40 lakh.
According to Hyundai, the action would increase sales and make its vehicles and SUVs more accessible over the holiday season. Major manufacturers have announced price reductions in response to the government’s announcement earlier this month that it will lower the GST on passenger automobiles.
Hyundai Motor India Ltd.
“We really appreciate the Government of India’s forward-thinking and progressive decision to lower the GST on passenger cars. According to Unsoo Kim, general director of Hyundai Motor India, “this change is not just a boost to the automotive sector but also a solid move towards empowering millions of consumers by making personal mobility more cheap and accessible.”
“The Tucson’s price may fall by as much as ₹2,40,303, while the Verna could see a smaller reduction of ₹60,640. The Venue and Creta will witness price reductions of up to ₹72,145 and ₹98,053, respectively, while other well-known models like the Venue will get price reductions of up to ₹1.23 lakh.
GST Rates Revised Vehicles
On Wednesday, the GST Council lowered the tax from 29–31 percent (with cess) to 18 percent for small cars (less than 4 meters in length and with engines under 1200 cc for gasoline and 1500 cc for diesel).
Greater automobiles (those that are above 4 meters, have an engine greater than 1500 cc, and have a ground clearance of more than 170 mm) pay 40% tax currently rather than the 50% (plus cess) that was the effective rate in the past.
The Central government has abolished the compensation cess. In addition, motorcycles with engines less than 350 cc will pay 18% tax instead of the existing 28% tax.