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Automakers cut prices of new cars, Thanks to reduction in excise tax

Automakers cut prices of new cars, Thanks to reduction in excise tax

Snapshot: automakers has passed on excise benefit to customers, reduced the prices by considerable amount

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Just the day before yesterday, India's finance minister, P. Chidambaram, announced the new interim budget for year 2014. The new tax policies for automakers seemed to be an effort to improve the present sluggish condition of the market. Following the reduction in rate of excise tax, several automakers, not surprisingly, slashed the prices of their respective models by considerable amounts. Honda for instance cut prices by Rs. 14,650.00 to Rs 44,741.00 for its different models right from the little Brio to the flagship CR-V. Here is a snapshot of their current pricing after reduction:

Honda Brio

Rs 399,900 – Rs599,900

Honda Amaze

·         Petrol

Rs 499,900 – Rs755,000

·         Diesel

Rs 597,500 – Rs 749,500

Honda City

·         Petrol

Rs 719,000 – Rs1,080,000

·         Diesel

Rs 837,000 – Rs 1,089,000

Honda CR-V

Rs 2,025,000 – Rs 2,436,000

 

German giants Volkswagen have also lowered prices by Rs. 14,500-51,000.00 for its lineup. Customers for Polo hatchback will now get a reduction benefit of Rs. 18,000.00-31,000.00, depending on trim levels. Vento gets a lowering between Rs. 14,500.00 to Rs. 27,000.00 whilst Jetta customers benefit between Rs. 38-51,000.00. The new prices will be applicable with immediate effect. “We welcome the Government’s decision to reduce excise duty on cars and we at Volkswagen have decided to pass on the entire benefit to our customers. We hope this move will help improve the market sentiment in the automotive industry,” said Mr. Arvind Saxena, Managing Director, Volkswagen Passenger Cars.

Other automakers have also announced their intention to pass on tax benefits to customers.

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