Get set to pay more for new cars as finance minister Arun Jaitley imposed a slew of new duties which impact the prices of small and big cars, SUVs and luxury vehicles.
In the Union Budget, Jaitley imposed a new duty for cars above Rs 10 lakhs. Also attracting additional duty/cess will be smaller cars, and also those running on the relatively-cleaner CNG and LPG fuels, reports The Times of India.
SUVs and luxury cars will also get dearer.
While companies are yet to indicate the effect on price-lines, it is understood that the prices may be hiked immediately. “The budget proposals will be implemented immediately and the prices may go up from tomorrow,” an official with a top company said, requesting anonymity.
All companies, including Maruti Suzuki, Hyundai, Tata Motors, Honda, Mercedes Benz, Mahindra & Mahindra and Ford will be impacted by the move.