Business

Maruti Slashes Prices By Three Percent After GST

न्यूज़ वर्ल्ड इंडिया | 0
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| July 1 , 2017 , 13:52 IST

Maruti Suzuki India (MSI) has slashed the prices of its models by up to 3 per cent with immediate effect in order to pass on the Goods and Services Tax benefit to its customers.

In a statement on Saturday, the company said it had transmitted the entire benefit of the GST rates on vehicles to its buyers.

“The ex-showroom prices of Maruti Suzuki models have come down by up to 3 percent. The rate of reduction varies across locations depending on VAT rates applicable prior to the GST,” MSI said.

Kenichi Ayukawa, MD & CEO, Maruti Suzuki, said, "Government of India and all policymakers deserve big congratulations on the successful introduction of GST. This is a true epoch-making reform. While GST will directly improve efficiencies and ease of business, its significance goes much beyond that. It is a powerful example of India’s commitment to reform, and how all stakeholders can come together to resolve complex issues in the interest of growth and development of the country."

The company, however, raised the prices of its Ciaz and Ertiga with mild hybrid technology by over Rs 1 lakh. The price hike on the sedan and MPV is due to the withdrawal of tax concessions on mild hybrid vehicles under the GST framework.

The price hike on the models will also vary from state to state.

(inputs from pti and ians)