GST on cars: Toyota increases prices of its products in India
In response to the increase in prices of cars in the new GST structure, Toyota India has responded by increasing the prices of its vehicles across the range. The GST council had earlier this month said that SUVs and large cars will have to pay 2-7 per cent extra tax. Prices of the Toyota Fortuner have gone up by Rs 1.6 lakh while the Platinum Etios sees a price hike of Rs 13,000.
Here is Toyota's statement
N. Raja, director & sr. vice president, marketing and sales, Toyota Kirloskar Motor said, "Following the ordinance on GST amendment, we have to revise the price of our products in line with the cess hike which may nearly reflect the prices in the pre-GST scenario. The approximate price increase in Delhi for Innova Crysta will be upto Rs 78,000/-, All New Fortuner upto Rs 1,60,000/-, All New Corolla Altis will witness a price rise of upto Rs 72,000/- & Platinum Etios price will increase upto Rs. 13,000/. The price of Hybrids and small cars remains unaffected post the cess hike.
Customers have time and again reinforced their trust on Toyota products backed by QDR philosophy. Our models have received overwhelming response owing to the attributes of best resale value, low cost of ownership, unmatched safety features and quality services offered by our dealers. Innova Crysta and New Fortuner have been standing strong as segment leaders after a year of its launch last year. We thank our customers who continue to lay their trust on Toyota products time and again with their car purchase."
Hyundai India also issued a similar statement last night.