Festive cheer: This company slashes car prices by up to ₹2.4 lakh

New Delhi (The Uttam Hindu)- Hyundai Motor India on Sunday announced to transfer the reduction in Goods and Services Tax (GST) rates to the customers. This has reduced the price of vehicles by up to Rs 2.4 lakh.

The new prices will be effective from September 22, when the new GST rates will be implemented across the country. The company's decision will reduce the price of Grand i10 Nios by up to Rs 73,808, i20 by up to Rs 98,053 and i20 N Line by up to Rs 1,08,116. Prices of Aura and Verna will be reduced by up to Rs 78,465 and Rs 60,640 respectively. In the SUV segment, the Exterior will see a price reduction of up to Rs 89,209. Prices of Venue and Venue N Line will be reduced by up to Rs 1,19,390 and Rs 1,23,659 respectively.

Apart from this, the company has reduced the price of its luxury SUV Tucson by Rs 2,40,303. Earlier, automobile companies like Tata Motors, Mahindra, Toyota and Renault have also announced price cuts due to GST. The government has announced the next generation GST reforms, in which the number of tax slabs has been reduced to two - 5% and 18%, which was earlier four slabs - 5%, 12%, 18% and 28%. Along with this, tax has been reduced on a large number of things. These new reforms are coming into effect from September 22.

Under GST 2.0, the government has reduced GST on petrol, petrol hybrid, LPG and CNG cars up to 1200 cc and 4 meters from 28 percent to 18 percent. At the same time, tax on diesel, diesel hybrid cars up to 1500 cc and 4 meters has been reduced from 28 percent to 18 percent. Along with this, the tax rate on motorcycles of 350 cc and less, three-wheelers and transport vehicles has been reduced from 28 percent to 18 percent.