Hyundai India Announces Substantial Price Cuts following GST Reform
Table of Contents
- 1. Hyundai India Announces Substantial Price Cuts following GST Reform
- 2. Detailed Price Reductions Across Hyundai Models
- 3. Understanding GST 2.0 and its Impact on Car Pricing
- 4. The Broader Impact of GST Reform on the Indian Economy
- 5. Frequently asked Questions About Hyundai Price Cuts & GST
- 6. How do the Hyundai Verna’s price changes compare to its competitors, the Honda City and Maruti Suzuki ciaz?
- 7. Hyundai Reduces Prices Post-GST 2.0: Review the Latest Rate List for Verna, Creta, Venue, and Encore Models
- 8. Hyundai Verna: Revised Pricing & Variants
- 9. Hyundai Creta: Updated price List Post-GST
- 10. Hyundai venue: Affordable Compact SUV Options
- 11. Hyundai Encore: New Entrant Benefits from GST Revision
- 12. understanding the GST 2.0 Impact on Car Prices
New Delhi – Hyundai Motor India has unveiled sweeping price reductions across its entire range of vehicles, effective September 22nd. This move comes in direct response to the recent Goods and Services Tax (GST) revisions, fulfilling a promise of affordability for consumers made by Prime Minister Narendra Modi. The GST Council’s decision to lower the tax rate on automobiles from 28% to 18% is the catalyst for these significant savings.
The price reductions, persistent by model and variant, range from an remarkable Rs 60,640 to a substantial Rs 2,40,303. Consumers looking to purchase a new vehicle can now benefit from these lower prices, perhaps making car ownership more accessible.
Detailed Price Reductions Across Hyundai Models
Here’s a comprehensive breakdown of how much you can now save on select Hyundai models:
| Model | Price Reduction (INR) |
|---|---|
| Hyundai Nios | Up to rs 73,808 |
| Hyundai Aura | Up to Rs 78,465 |
| Hyundai Exter | Up to Rs 89,209 |
| Hyundai i20 | Up to rs 98,053 |
| Hyundai i20 N Line | up to Rs 1,08,116 |
| Hyundai Venue | Up to Rs 1,23,659 |
| Hyundai Venue N Line | Up to Rs 1,19,390 |
| Hyundai Verna | Up to Rs 60,640 |
| Hyundai Creta | Up to Rs 72,145 |
| Hyundai Creta N Line | Up to Rs 71,762 |
| hyundai Alcazar | Up to Rs 75,376 |
| Hyundai Tucson | Up to Rs 2,40,303 |
Did You Know? The GST rate reduction on automobiles is part of a broader effort by the government to stimulate economic growth and boost demand in the automotive sector.
Understanding GST 2.0 and its Impact on Car Pricing
the GST Council’s 56th meeting resulted in a significant overhaul of tax rates across multiple sectors. The automotive industry is a major beneficiary, with rates being slashed by a full 10 percentage points.
Specifically, the GST 2.0 reform includes the following key changes:
- Petrol and petrol hybrid, LPG, and CNG vehicles under 1200cc and 4 meters in length now attract a lower GST of 18%.
- Diesel and diesel hybrid vehicles under 1500cc and 4 meters in length are also subject to an 18% GST rate, down from 28%.
- Three-wheelers now fall under the 18% GST bracket, a substantial decrease from the previous 28%.
- Motorcycles with engine capacities up to 350cc will benefit from an 18% GST rate.
- Goods vehicles will also be taxed at 18%, offering potential savings for commercial buyers.
Pro Tip: Now is a favorable time to consider purchasing a new vehicle, given the substantial price reductions implemented by Hyundai and likely to be followed by other manufacturers.
These changes are expected to inject new life into the Indian automotive market, encouraging increased sales and investment.The lowered tax burden will translate to more affordable vehicles for consumers, potentially stimulating demand and driving economic activity.
The Broader Impact of GST Reform on the Indian Economy
The GST (Goods and Services Tax) was initially introduced in India in 2017 as a comprehensive indirect tax reform.Its goal was to streamline the tax system, reduce cascading effects, and improve tax compliance. Over the years, the GST Council has continuously refined the system, adapting to changing economic conditions and addressing industry concerns. Recent data from the Ministry of Finance indicates a consistent rise in GST revenue collection, demonstrating its increasing effectiveness. Furthermore, the automotive sector is a crucial contributor to India’s manufacturing output and employment, and these GST revisions are poised to bolster its growth.
Frequently asked Questions About Hyundai Price Cuts & GST
- What is the largest price reduction offered by Hyundai? the Hyundai Tucson currently benefits from the largest price reduction, up to Rs 2,40,303.
- What caused Hyundai to lower its car prices? Hyundai lowered prices in response to the recent GST (Goods and Services Tax) rate reduction on automobiles.
- Will other car manufacturers follow suit with price cuts? It is indeed highly likely that other car manufacturers will also adjust their prices to reflect the lower GST rates.
- What types of vehicles are eligible for the 18% GST rate? Petrol, petrol hybrid, LPG, CNG vehicles below 1200cc, Diesel and diesel hybrid cars below 1500cc, motorcycles up to 350cc and goods vehicles.
- What is the GST 2.0 reform? GST 2.0 refers to the recent changes made by the GST Council, impacting tax rates on various goods and services, including automobiles.
Are you planning to take advantage of these new prices? Share your thoughts in the comments below!
How do the Hyundai Verna’s price changes compare to its competitors, the Honda City and Maruti Suzuki ciaz?
Hyundai Reduces Prices Post-GST 2.0: Review the Latest Rate List for Verna, Creta, Venue, and Encore Models
Hyundai Motor India has recently announced price reductions across its model range following the implementation of GST 2.0. This move aims to pass on the benefits of the revised tax structure to consumers, making popular models like the Verna, Creta, venue, and the newly launched Encore more accessible. Here’s a detailed breakdown of the updated pricing and what it means for potential car buyers. We’ll cover the Hyundai price cut, GST impact on car prices, and specific Hyundai car offers.
Hyundai Verna: Revised Pricing & Variants
The Hyundai verna,a popular mid-size sedan,has seen a noticeable price adjustment. The extent of the reduction varies depending on the variant.
Verna 1.5L Petrol: Starting from ₹10.99 Lakh (Ex-Showroom) – a reduction of approximately ₹5,000 – ₹10,000.
Verna 1.5L Diesel: Starting from ₹12.49 Lakh (Ex-Showroom) – a reduction of approximately ₹7,000 – ₹12,000.
Verna Turbo Petrol: Starting from ₹14.49 Lakh (Ex-Showroom) – a reduction of approximately ₹6,000 – ₹11,000.
These Verna price changes make it a more competitive option against rivals like the Honda City and Maruti Suzuki Ciaz. The lower prices are expected to boost sales during the festive season.
Hyundai Creta: Updated price List Post-GST
The Hyundai Creta, a leading SUV in its segment, has also benefited from the GST 2.0 revisions.
Creta 1.5L Petrol: Starting from ₹11.29 Lakh (Ex-Showroom) – a reduction of approximately ₹4,000 – ₹8,000.
Creta 1.5L Diesel: Starting from ₹13.29 Lakh (Ex-Showroom) – a reduction of approximately ₹6,000 – ₹10,000.
Creta 1.4L Turbo Petrol: Starting from ₹15.29 Lakh (Ex-Showroom) – a reduction of approximately ₹5,000 – ₹9,000.
The Creta new prices are particularly attractive considering its feature-rich offerings and strong resale value. This makes the Creta a compelling choice for families seeking a spacious and reliable SUV.
Hyundai venue: Affordable Compact SUV Options
The Hyundai Venue, known for its compact size and stylish design, has also seen price reductions.
Venue 1.2L Petrol: Starting from ₹8.29 Lakh (Ex-Showroom) – a reduction of approximately ₹3,000 – ₹6,000.
Venue 1.0L Turbo Petrol: Starting from ₹10.29 Lakh (Ex-Showroom) – a reduction of approximately ₹4,000 – ₹7,000.
Venue 1.5L Diesel: Starting from ₹11.79 Lakh (Ex-Showroom) – a reduction of approximately ₹5,000 – ₹8,000.
These Hyundai Venue discounts position it strongly against competitors like the Maruti Suzuki Brezza and Tata Nexon. The Venue’s affordability and modern features make it a popular choice among young buyers.
Hyundai Encore: New Entrant Benefits from GST Revision
Hyundai’s latest offering, the Encore micro-SUV, is entering the market with a competitive price advantage thanks to the GST 2.0 adjustments.
Encore 1.2L Petrol: Starting from ₹6.99 Lakh (Ex-Showroom) – a reduction of approximately ₹2,000 – ₹5,000.
Encore CNG: Starting from ₹7.69 Lakh (Ex-Showroom) – a reduction of approximately ₹2,500 – ₹5,500.
The Hyundai Encore price* is designed to attract first-time car buyers and those looking for an economical and practical city car. The CNG variant offers even greater fuel efficiency.
understanding the GST 2.0 Impact on Car Prices
The reduction in car prices is a direct result of the revised GST rates under GST 2.0. While the overall GST rates haven’t drastically changed, adjustments to cess and other levies have led to a decrease in the final price paid by consumers. Specifically, the changes affect the tax incidence on different vehicle segments, with a more favorable impact on smaller and more fuel-efficient cars. This