With the GST changes, tax on Maruti Suzuki Wagon R, Tata Punch, Swift, Baleno, Fronx, Dzire has been reduced from 29 to 18 percent. Hyundai Creta, Maruti Ertiga, Brezza, Mahindra Scorpio will now be taxed at 40 percent.
The new tax rates are going to be implemented from September 22. The Indian car market, which was struggling with uncertainty and speculation till a few days ago, is now in a better mood. What is the reason? Changes in the Goods and Services Tax (GST). After the new tax reform, cars of various segments are going to become cheaper. Let’s know what impact the new tax slab will have on the prices of cars.
Maruti Suzuki Wagon R: Earlier, this car was taxed at a total of 29%, which included 28% GST and 1% cess. This brought the total tax to 28% + 1%. Now, it will be taxed at only 18%. This will result in a direct saving of 11%.
Tata Punch: Earlier, this Tata car was taxed at a total of 29%, which included 28% GST and 1% cess. This brought the total tax to 28% + 1%. Now, it will attract only 18% tax. This will directly save 11% on the Punch.
Hyundai Creta: Earlier, the tax on the petrol model of this car was 45 percent and the tax on the diesel model was 48 percent. Now this tax has been reduced to 40 percent.
Maruti Ertiga: This car will now attract 40% tax, which was earlier 45%. This includes 28% GST and 17% cess.
Maruti Brezza: This car will now attract 40% tax, which was earlier 45%. This includes 28% GST and 17% cess.
Swift, Baleno, Francorchamps: GST on these three cars has now been reduced to 18% from 29% earlier including sales. Apart from this, the same tax will be applicable on Dzire as well.
Mahindra Scorpio: Earlier, this car used to attract 50% tax by levying 28% GST and 22% cess. Now, this tax has been reduced to 40%.
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