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Auto companies led by Maruti Suzuki are all set to cut prices of passenger cars by 3 per cent to over 4 per cent as the government today announced a reduction in the Central Value Added Tax (Cenvat) rate. Maruti Suzuk , announced the reduction of Rs 8 , 000 in its largest-selling model the Alto.R C Bhargava , the chairman , said the reduction in price across all its models would range from 3 per cent to 3.25 per cent. Bhargava also added: “The reduction in prices will come over and above the discounts which car makers are giving on their models already to push sales.”
Mahindra & Mahindra , on the other end passes the benefit to Scorpio and Bolero. The company will even consider a more than 4 per cent cut on the premium variant of its models. Pawan Goenka , president (automotive sector) , M&M , said , “The move by the government will certainly help boost demand.” Hyundai and US car major General Motors also joins the party.P Balendran , the vice-president of GM India: “Surely , we will pass on the benefit as we are already offering discounts. However , the key problem in the industry is availability of loans , which have dried up and interest rates on them without which demand might not go up”. Tata Motors will also cut prices across all categories including cars and commercial vehicles. A spokesperson for the company said , “Tata Motors will pass on the benefit that will come through the cut in Cenvat in passenger and commercial vehicles”.
Chennai-based Ashok Leyland has also indicated that it will take a decision on price cut on Monday. A senior executive of the company said that a 4 per cent reduction in duty translates into a reduction of Rs 32 , 000-35 , 000 on their trucks.Car companies at the moment pay Cenvat of 12 per cent on small cars (with less than 4 , 000 mm in length and engine capacity of not more than 1.2 litres for petrol and 1.5 litres for diesel) and 24 per cent for other cars. With the government reducing the Cenvat by 4 per cent today this will come down to 8 per cent and 20 per cent respectively.
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