Leading automobile brands in the country, including Toyota and Hero MotoCorp, have joined the list of automobile companies in cutting down prices. The automobile prices were expected to come down once GST is implemented, Maruti Suzuki was the first on the list and Toyota & Hero MotoCorp have followed it to make automobiles more affordable for the buyers.
The announcement from both the companies came on Sunday, the second day after GST was implemented. Toyota announced a price cut of up to 13% on its top-selling models, whereas, Hero MotoCorp announced discounts ranging from ₹400 to ₹4000. Other auto brands, including Hyundai Motors, Tata Motors and Ford Motors are expected to announce the price cuts in the coming days, to keep up with the competing brands.
A number of taxes, which were levied on the products by central as well as the state governments, were included in a single tax by the government, which was named as GST. The tax structure post GST implementation included 4 slabs of 5%, 12%, 18% and 28%. Though a few items were exempted from the tax net, the costlier and luxury items would attract an additional levy.
Currently, the top selling models of Toyota in India include Toyota Etios Liva, Toyota Etios Cross, Toyota Platinum Etios, Toyota, Innova Crysta, Toyota Corolla Altis, Toyota Fortuner, Toyota Camry, Toyota Prius and Toyota Land Cruiser.
Hero MotoCorp sells a bigger number of products, which include Hero Karizma ZMR, Hero Maestro, Hero HF Deluxe Eco, Hero Passion Pro TR, Hero Karizma, Hero Splendor Pro, Hero Pleasure, Hero Xtreme Sports, Hero Glamour, Hero HF Deluxe, Hero Achiever, Hero Ignitor, Hero Passion Xpro, Hero Super Splendor, Hero Passion Pro i3S, Hero HF Deluxe i3s, Hero Maestro Edge, Hero Glamour Programmed FI, Hero Duet, Hero Glamour 125, Hero Splendor iSMART 110, Hero Splendor Plus.
Other companies are also expected to announce the price cuts today or in the coming days. We will keep you updated with all the updates. Stay Tuned.