Mahindra & Mahindra Cuts Prices Up To Rs 1.56 Lakh, Toyota Up To Rs 3.49 Lakh

(MENAFN- IANS) New Delhi, Sep 6 (IANS) Joining other automakers in reducing prices, Mahindra & Mahindra Ltd (M&M) on Saturday announced to fully pass on the GST 2.0 benefits to customers across its ICE SUV portfolio -- up to Rs 1.56 lakh -- with an immediate effect.

According to the company, models like Thar, Scorpio, Bolero, XUV700, and Scorpio-N will be available with substantial savings ranging from Rs 1.01 lakh to Rs 1.56 lakh.

Bolero and Bolero Neo are cheaper by up to Rs 1.27 lakh, while the XUV3XO Petrol gets a cut of Rs 1.40 lakh, and the XUV3XO Diesel leads with a reduction of Rs 1.56 lakh.

The Scorpio-N offers savings of up to Rs 1.45 lakh, the Thar Roxx Rs 1.33 lakh, and the flagship XUV700 RS 1.43 lakh.

Toyota Kirloskar Motor (TKM) also announced it will fully pass on the benefits of the recent GST rate reduction to its customers across its range of vehicles -- ranging from Rs 48,700 (Rumion) up to Rs 3.49 lakh (Fortuner).

“We sincerely thank the government of India, for this historic reform. It has not only enhanced affordability for customers but also strengthened overall confidence in the auto sector. Ahead of the festive season we expect this step will provide strong momentum and further accelerate demand,” said Varinder Wadhwa, Vice President, Sales-Service-Used Car Business and Profit Enhancement.

While Toyota Glanza will see price cuts up to Rs 85,300, Taisor will see price reduction up to Rs 1,11,100; Hyryder up to Rs 65,400; and Fortuner up to Rs 3,49,000.

Renault India also announced a significant price reduction for its cars on Saturday. Prices of its three models - Kwid, Triber and Kiger - have been slashed by up to Rs 96,395.

Under the new GST 2.0 framework, all internal combustion engine (ICE) cars are now taxed at either 18 per cent or 40 per cent.

Smaller cars such as hatchbacks, compact sedans, and compact SUVs fall under the 18 per cent slab, while mid-size, larger, and luxury models attract 40 per cent. Previously, ICE vehicles were subject to 28 per cent GST plus an additional compensation cess ranging between 1 per cent and 22 per cent depending on size and engine capacity.

For electric vehicles, the GST rate remains unchanged at 5 per cent, while hydrogen fuel cell vehicles (FCEVs) have seen a reduction from 12 per cent to 5 per cent.

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