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Small Car Prices To Rise Over Excise Duty Hike
The government has raised the tax of bigger vehicles to 27% from 22% which may result in the price of executive sedans such as Honda City, Toyota Camry and pricey sports utility vehicles like the BMW X1, Audi Q5 increase by Rs. 35,000-2,00,000.
Further more, high-end luxury cars like the BMW 7 Series and the Mercedes S Class will see a price increase of as much as 4 lakhs depending on various variants.
The excise duty on completely-built units which exceeds $40,000 has been increased from 60% to 75%. This will add to the expense of importing luxury cars such as Ferraris, Porsches and Jaguars from 3,00,000 onwards.
Mercedes Benz India today said it will hike its product prices by up to Rs 3 lakh expressing disappointment over high duties imposed in the Budget. "The Budget is very disappointing for us. We were hoping for some reduction in taxes for large vehicles instead of hiking it further," Mercedes Benz India Director (Corporate Affairs and HR) Suhas Kadlaskar said.
Other carmakers are expected to announce price hikes of their respective models tomorrow.
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