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03-20-2012, 10:07 AM #1
Tata Motors hikes passenger vehicle prices by up to Rs 35,000
Tata Motors has increased prices of its passenger vehicles, including small car Nano, by up to Rs 35,000 with immediate effect due to hike in excise duty announced in the Budget for 2012-13.
"We have raised the prices as per the excise duty hike in the Budget. In passenger cars, the increase will vary between Rs 2,000 and Rs 8,000 depending upon various models," a Tata Motors spokesperson said.
Under the passenger car division, the company sells small car Nano, hatchback Indica series and Indigo family of sedans. The company, however, did not specify the model-wise break up of the price increase.
In case of utility vehicles like Safari, Aria and Sumo, the hike will be from Rs 8,000 to Rs 35,000, he said.
"Regarding the commercial vehicles, we have decided to pass on the additional burden of two per cent to consumers. We have a wide range of products in this category," the spokesperson said.
Finance Minister Pranab Mukherjee had proposed to raise excise duty to 12 per cent from 10 per cent.
The excise duties for petrol cars with engines under 1,200 cc and diesel cars with engine capacity under 1,500 cc, but the length exceeding four metres have been increased to 24 per cent from the previous 22 per cent with a fixed duty of Rs 15,000.
Petrol and diesel driven vehicles having length exceeding four metres and engine capacity of over 1,200 cc and 1,500 cc respectively will now be charged with an ad valorem duty of 27 per cent, instead of the earlier 22 per cent with a fixed duty of Rs 15,000.
Besides, basic customs duty was also hiked to 75 per cent from 60 per cent for fully imported vehicles priced over $40,000 and with engine capacity of over 3,000 cc and 2,500 cc for petrol and diesel driven vehicles respectively.