New Delhi [India], September 7 : Hyundai Motor India (HMIL) vowed on Sunday that it will pass on the complete benefit of the recent GST rate reduction on passenger vehicles to its customers right from Day 1, i.e. September 22, the date the revised GST rates come into effect.
The carmaker said buyers will save money in the range of Rs 73,808 to Rs 2.40 lakh, depending on the Hyundai car variant they choose this festive season.
Following is a table that lays out the Hyundai car prices with reduced GST:
Unsoo Kim, Managing Director, Hyundai Motor India Limited, said, in a statement, "We sincerely appreciate the progressive and far-sighted move by the Government of India to reduce GST on passenger vehicles."
"This reform is not only a boost to the automotive industry but also a strong step towards empowering millions of customers by making personal mobility more affordable and accessible. As India moves forward on the path of Viksit Bharat, Hyundai remains committed to aligning with the nation's growth ambitions by ensuring our cars and SUVs continue to deliver value, innovation and joy of driving," Unsoo Kim added.
The automobile sector, one of the largest contributors to the Indian economy, will also benefit from the GST reforms.
Petrol and petrol hybrid cars, along with LPG and CNG variants not exceeding 1200 cc and 4000 mm in length, will now be taxed at 18 per cent instead of 28 per cent.
Diesel and diesel hybrid cars of up to 1500 cc and 4000 mm will see the same reduction.
Three-wheeled vehicles, motorcycles with an engine capacity of up to 350 cc, and motor vehicles used for goods transport will also see their GST rates reduced from 28 per cent to 18 per cent.
On September 22, the first day of Navratri, all changes in GST rates will come into effect.
Sweeping changes have been made to what the government termed the next-generation GST (Goods and Services Tax) rationalisation.
It came on September 3, just days after Prime Minister Narendra Modi announced it from the ramparts of the Red Fort on Independence Day. This is aimed at reducing the tax burden on citizens while stimulating economic growth.
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