New Delhi: Honda Cars India on Thursday said it has hiked the prices of its models — City, BR-V and CR-V models, ranging between Rs 7,003 and Rs 89,069.
The revised prices became effective from 11 September, due to the additional compensation cess in GST ranging between 2-7 percent, Honda Cars India Ltd (HCIL) said in a statement.
The company has increased the price of its mid-sized sedan City between Rs 7,003 and Rs 18,791 depending on various variants.
The prices of SUV BR-V have been hiked ranging between Rs 12,490 and Rs 18,242.
Similarly, the company has raised prices of its premium SUV CR-V ranging between Rs 75,304 and Rs 89,069.
Earlier, this week Toyota Kirloskar Motor (TKM) had announced hike in prices of select models, including Innova Crysta and premium SUV Fortuner, ranging from Rs 13,000 to Rs 1.6 lakh.
The company has increased the price of Innova Crysta by around Rs 78,000, Corolla Altis by Rs 72,000, Etios Platinum by Rs 13,000 and Fortuner by Rs 1.6 lakh.
With the government notifying levy of increased cess, the effective GST rate on mid-size cars will be 45 Percent, and on large cars it will be 48 percent.
The rate will be 50 percent on sports utility vehicles (SUVs), which include cars with length exceeding 4,000 mm and having a ground clearance of 170 mm and above.
However, the cess on small petrol and diesel cars, hybrid cars and those carrying up to 13 passengers has not been raised.
Under the GST regime, cars attract the highest tax slab of 28 percent and on top of that a cess is levied.
Published Date: Sep 14, 2017 06:16 pm | Updated Date: Sep 14, 2017 06:16 pm