New Delhi- Mahindra & Mahindra Ltd (M&M) on Saturday announced significant price reductions across its internal combustion engine (ICE) SUV lineup, fully passing on the benefits of the new GST 2.0 framework to customers. Prices have been slashed by up to ₹1.56 lakh with immediate effect.
Popular models like Thar, Scorpio, Bolero, XUV700, and Scorpio-N now come with substantial savings ranging between ₹1.01 lakh and ₹1.56 lakh. The Bolero and Bolero Neo are cheaper by up to ₹1.27 lakh, the XUV3XO Petrol by ₹1.40 lakh, and the XUV3XO Diesel by ₹1.56 lakh. The Scorpio-N sees a cut of up to ₹1.45 lakh, the Thar Roxx ₹1.33 lakh, and the XUV700 ₹1.43 lakh.
Toyota Kirloskar Motor (TKM) followed suit, reducing prices across its portfolio by ₹48,700 to ₹3.49 lakh. The Toyota Rumion now comes with a reduction of ₹48,700, the Glanza up to ₹85,300, the Taisor up to ₹1.11 lakh, the Hyryder up to ₹65,400, and the Fortuner by as much as ₹3.49 lakh.
“We sincerely thank the Government of India for this historic reform. It has enhanced affordability for customers and boosted overall confidence in the auto sector. Ahead of the festive season, we expect this will accelerate demand,” said Varinder Wadhwa, Vice President, Sales-Service-Used Car Business and Profit Enhancement at TKM.
Renault India also announced price cuts on its three models — Kwid, Triber, and Kiger — slashing up to ₹96,395.
Under GST 2.0, ICE vehicles are now taxed at 18% for smaller cars (hatchbacks, compact sedans, compact SUVs) and 40% for mid-size, large, and luxury vehicles. Previously, ICE vehicles were charged 28% GST plus a compensation cess of 1%–22%.
Electric vehicles remain taxed at 5%, while hydrogen fuel cell vehicles (FCEVs) have seen a rate cut from 12% to 5%.
With inputs from IANS