From rxpgnews.com
Hyundai slashes car prices in Tamil Nadu
By IANS,
Jan 3, 2007 - 8:48:06 PM
Chennai, Jan 3 - Tamil Nadu-based car manufacturer Hyundai Motor India Ltd Wednesday announced a cut in the prices of its models in the state.
The state's VAT system involves a flat levy of 12.5 percent on all automobiles, replacing the multiple tax regime involving the 12.6 percent local sales tax and 1 percent turnover tax in addition to the 1 percent central sales tax.
While VAT replaces the local sales tax and turnover tax, the central sales tax will continue as before.
Hyundai has consequently slashed prices on all its models sold in Chennai - Santro XL will now cost Rs.1,816 less at Rs.345,790, Getz GLS will cost Rs.2,828 less at Rs.461,544, Accent GLE's price goes down by Rs.4,040 at Rs.529,530, Verna CRDi will cost Rs.8,068 less at Rs.980,719 and Sonata MT is Rs.9,233 cheaper at Rs.1.2 million.
Hyundai Motor India, a wholly owned subsidiary of South Korea's Hyundai Motor Company, is the second largest car manufacturer in India.
The firm registered an 18.5 percent increase in sales during 2006. It clocked a growth of 19.1 percent in the domestic market compared to 2005 while overseas sales grew by 17.4 percent.
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