The GST Effect: Toyota Car Prices Hiked
The increase in price by Toyota Kirloskar Motor was carried out post the implementation of new cess rates on cars
Toyota Kirloskar Motor have increase the prices of most of their car models including the Innova Crysta, Fortuner, Corolla and Etios. Recently, the GST Council has raise the cess ranging from two to seven per cent across mid-size to large cars and SUVs. This has resulted in the price hike of most cars that fall in the aforementioned categories. However, the price of Toyota’s hybrid cars like the Camry and the Etios Liva small car has remained unaffected post the cess hike.
Expressing his views on the price hike, N Raja, Director & Sr Vice President, Marketing and Sales, Toyota Kirloskar Motor, said, “Following the ordinance on GST amendment, we have to revise the price of our products in line with the cess hike which may nearly reflect the prices in the pre-GST scenario.”
The approximate price increase in Delhi for Innova Crysta will be up to Rs 78,000; the Corolla Altis sedan will witness a price rise of close Rs 72,000, while the Platinum Etios’ price will increase up to Rs 13,000. The most severe impact is seen on the price of the Toyota Fortuner, which will see a hike by about Rs 1.60 lakh.