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Good news for those who are thinking of buying a vehicle, as most car manufacturers offer major GST discounts, which will be rolled out on July 1, 2017. Industry analysts said most of the players were forced to come up with discounts as potential buyers were holding back on transactions expected to fall after the introduction of GST.
A 28 percent GST rate will be applicable on all cars as previously stated, with an additional cess rate of 1-15 percent applicable across different segments. Although small petrol cars with an engine capacity of fewer than 1.200 ccs may attract 1% cess, 3% cess may attract 3% with a diesel engine of fewer than 1.500 ccs. A cess of 15 percent would be drawn to large cars with engines larger than 1,500cc and SUVs with a length greater than 4 meters and an engine size greater than 1,500cc.
Various car manufacturers have announced deals of up to Rs 2.5 lakh, such as Maruti, Hyundai, Mahindra, Ford, etc. Maruti Suzuki, the largest carmaker in the world, provides GST discounts on vehicles.
PRE- GST Vehicles Discounts
Alto: 25,000 Alto:
- The i20 Elite: Rs. 25,000
- Uh, Eon: Rs. 45,000
- Grand i10: 62,000-73,000 Rs.
- Verna: Rs. 80 thousand-90 thousand
- Fresh Xcent: Rs.25,000 Rs.
- Rs.2,50,000 Santa Fe:
- Scorpio: Rs. 27,000
- TUV 300: Rs. 61,000
- KUV 100: Rs.72,000
- XUV 500: Rs. 90,000
- Terrano: Rs. 80,000
- Micra: Rs. 25,000
- Eco Sport: Rs. 20,000-30,000
- Figo: Rs. 10,000
- Aspire Rs. 25,000
- Polo: Rs. 30,000
- Vento: Rs 40,000
On cars booked till June 20 and billed till June 30.
- Discounts Up to Rs. 10 Lakh
India has reduced prices by up to Rs. 7.5 lakh of its locally-assembled models
BMW is offering customers financing at 7.90 percent , complimentary service and maintenance of three years, free insurance for the first year, and assured buyback for up to four years.
Bajaj Auto has said that before GST is finally introduced on 1 July 2017, it will offer discounts of up to Rs. 4,500 on its entire range of motorcycles. Starting from 17 June, Royal Enfield has announced an extension of the GST benefits on the on-road price of its bikes, but luxury bike manufacturers do not give any discounts as they expect prices to surpass after 1 July 2017.
Please call Aditya Girdhar (919914884466), Shivani Kumari (9914882299) and Shubham Gupta (9914799966) for more information.
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Special note: An individual must fulfil the Eligibility criteria for car loan to avail of the loan amount.