Hyundai slashes car prices in Tamil Nadu

Thursday, 04 January 2007, 18:30 IST
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Chennai: Tamil Nadu-based car manufacturer Hyundai Motor India 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 1,816 less at 345,790, Getz GLS will cost 2,828 less at 461,544, Accent GLE's price goes down by 4,040 at 529,530, Verna CRDi will cost 8,068 less at 980,719 and Sonata MT is 9,233 cheaper at 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.
Source: IANS