Impact:reduction in CENVAT rate
After the government announced four percent cut in central value-added tax (Cenvat), manufacturers has started slashing prices of its models. Toyota which earlier said it mulls a price hike owing to the raise in raw materials now come forwarded to cut the prices of Innova and corolla altis. While the prices of Innova variant are reduced by up to Rs.32,780, high-end models of Corolla altis becomes cheaper by Rs.40,750.
“As a responsible corporate citizen, we feel this will stimulate the market by making our cars more affordable to the Indian customer. We are also positive about the recently reduced repo rates by the government, which should reduce interest costs for banks,” said deputy managing director in charge of marketing Sandeep Singh.
Update:
* Variants of corolla altis becomes cheaper by Rs 34,100-Rs 40,750
* Variants of Innova becomes cheaper by Rs 23,980-Rs 32,780
* Variants of camry becomes cheaper by Rs 70,430-Rs 76,130
* Prado becomes cheaper by Rs 1, 21,330