As per the official sources, the government has reduced federal excise duty & general sales tax on some vehicles, consumers are likely to obtain about Rs224,000 rate benefit on auto purchasing.
According to provided details, after changes in financial bills, 2.5 % FED on cars up to 1000cc engine power has been reduced completely while the FED for 1001cc to 2000cc vehicles has moved down from 5% to 2.5%. Also, the FED for 2001cc to 3000cc vehicles has been decreased from 7.5% to 5%.
Though, the Govt has also reduced GST from 17% to 12.5% for engine capacity of up to 1000cc on cars that are locally manufactured.
Prices of Toyota Fortuner Sigma 4 with tax reduction, are now estimated to decrease by Rs224,395, according to estimates by Topline Research. At least Rs48,333 price benefit is for Suzuki Swift.
Topline Research predicts that prices of Suzuki Swift automatic are estimated to drop by Rs52,619. The price of the Honda Civic Turbo Oriel would fall over Rs105,929. Honda Civic VTEC Oriel, in 1,500cc category, will be down Rs94,738.
Prices of Honda BR-V manual & automatic will be lowered by Rs75,214 and Rs79,024, individually.
While General sales tax on for cylinder capacity of 660cc to 1,000cc has also been lowered to 12.5 percent from 17%, which together with FED cuts result in price reduction between Rs88,722 for Suzuki Alto VXR and Rs107,111 for Suzuki Wagon R VXL.
Rates of Toyota Hilux REVO G & V automatic will reduce Rs160,442 and Rs174,395, respectively. The price of KIA Picanto MT & AT will be decreased by Rs117,574 and Rs126,861, respectively. The price of KIA Sportage Alpha, FWD, and AWD will decline Rs104,738, Rs116,643, and Rs128,548, respectively. Prices of KIA Sorento FWD, AWD and FWD 3,500cc will fall by Rs162,767, RsRs186,023 & Rs195,326, respectively.
Rates of Toyota Corolla Altix CVT in 1,600cc & 1,800cc categories will reduced by Rs80,214 & Rs88,071. Toyota Yaris ATIV CVT and MT will see prices decline Rs65,929 and Rs62,357, respectively. Rates of Toyota Corolla Grande will be decreased by Rs94,738. The price of the Toyota Fortuner G is estimated to reduce Rs186,023.
