KARACHI: Honda Atlas Car and Indus Motor Company (IMC) have separately announced new price list of their brand after reduction in Federal Excise Duty (FED), General Sales Tax (GST) and others from July 1, 2021.
All these companies are listed at the Pakistan Stock Exchange (PSX) and the analysts believed that these companies did not cut the rates as per the reduction of the government taxes. The Federal Minister for Industries Khusro Bakhtiar in a press conference claimed that the companies will reduce Rs105,000 on smallest car, but Pak Suzuki has cut only Rs85,000 on its smallest car Alto AET306 VX.
As per new lists, Honda Atlas announced to reduce Rs105,000 on Honda BRV 1.5 CVT S to Rs3.374 million from the current price of Rs3.479 million. Similarly, Honda 2SV 1.8L CVT Oriel price was cut by Rs115,000 to Rs3.614 million from Rs3.729 million. The new price of Honda @SV 1.8LCVT Oriel would be Rs3.864 million after a reduction of Rs115,000 while 2SV 1.5L Turbo CVT would be available at Rs4.564 million after a reduction of Rs135,000 from Rs4.699 million.
Indus Motor Company (Toyota)
Toyota has deducted prices of Rs50,000 for tax filers and Rs100,000 for non-tax filers on all brands of Toyota Yaris (1300cc to 1500cc), while it cut the price of Toyota Corolla Altis (1600cc) car by Rs50,000 for tax filers and Rs100,000 for non tax filers. The price of IMC would be implemented from July 8, 2021.
The IMC also reduced the prices of Corolla Altis 1800cc by Rs75,000 for filers and Rs150,000 for non-filers. The company has reduced the prices of Toyota Hilux (2400cc) Rs150,000 for filers and Rs300,000 for non-filers. Similarly the company cut the prices of Toyota Hilux (2800 cc) Rs200,000 for filers and Rs400,000 for non-filers.
The company had reduced the prices of Toyota Fortuners (2700 cc) upto Rs200,000 for filers and Rs400,000 for non-filers. Meanwhile new price of Toyota Fortuner 4×4 Diesel would be Rs9.278 million after reduction of Rs200,000 for filers and Rs400,000 for Non-filers.
“The auto manufacturers would be bound to deliver vehicles to their customers in 60-day and if it delays the delivery of vehicles would be charged with penalty up to Rs50,000 to Rs200,000 and would have to payback KIBOR plus 3% to customers on total deposit amount,” the minister claimed.
The government had cut FED on all vehicles up to 3,000cc by 2.5pc while on vehicles from 660cc to 1,000cc the FED had been abolished. The GST had been cut to 12.5pc from 17pc for cars up to 1,000cc.
For 1,001cc to 2,000cc vehicles, the FED was decreased to 2.5pc from 5pc and for 2,001cc to 5pc from 7.5pc. The government has also cut ACDs on all vehicles from 7 to 2pc and its notification has been issued on June 30, 2021.
Pak Suzuki
The Pak Suzuki has issued a new price list of its vehicles to be implemented from July 1, 2021. Pak Suzuki Company has set new prices of Suzuki Alto AET306 VX at Rs1.113 million after reducing Rs85,000. The company reduced Alto VXR Rs98,000 to Rs1.335 million and Alto VXL.AGS Rs112,000 to Rs1.521 million.
The company has set new price of Wagon R VXR to Rs1.530 million after reduction of Rs110,000 and Wagon R VXL Rs1.610 after reduction of Rs120,000. The company has cut price of Rs130,000 of Wagon R AGS to Rs1.760 million.
The company cut the price of Cultus VXR Rs 125,000 to Rs1.655 million and new price of Cultus VXL to Rs1.830 after reducing Rs140,000. It also fixed new price of Cultus AGS to Rs1.975 million after reducing Rs155,000.
Pak Suzuki has set a new Suzuki Swift DLX to Rs1.972 million after reducing Rs58,000 only and swift A/T price of Rs2.148 million after a reduction of Rs62,000 only. The company also reduced Bolan VX price to Rs1.049 million after reduction of Rs85,000 only.
KIA Lucky Motors prices
As per a notification, the company has decreased the prices of KIA Picanto, KIA Sportage and KIA Sorento. The new prices are going to be applied from July 1st, 2021. KIA Picanto 1.0L A/T got a price reduction of Rs127,791, as its old price wasRs 2.049 million and new price is Rs1.922 million. Furthermore, the Picanto 1.0L M/T price has got a cut of Rs118,000, meaning it has come down to Rs 1.781 million from Rs1.899 million.
The prices of two variants of Sportage have decrease by Rs129,000 and Rs117,000 respectively. It means the rate of Sportage AWD has come down to Rs5.270 million from Rs5.399 million. Meanwhile, the new price of Sportage FWD is Rs4.782 million against its old rate of Rs4.899 million.
Lastly, the base model, Sportage Alpha saw a decrease of Rs105,000. The new rate of this car is Rs4.294 million against its old price of Rs4.399 million.
The prices of three variants of KIA Sorento, has also come down. The first one is Sorento 2.4 AWD and it got a price reduction of Rs187,000. The old price of this One-Unit vehicle was Rs7.999 million and the new rate is Rs7.812 million. Then comes the second variant, Sorento 2.4 FWD, which got a price decline of Rs163,000 and dropped to Rs6.836 million from its old rate of Rs6.999 million.
Lastly, the third variant, Sorento 3.5 FWD, got a cut of Rs196,000, taking the price to Rs8.203 million from its previous rate of Rs8.399 million.
Prince Pearl
Under these benefits, Prince Pearl, the 800cc car by Regal Automobiles, got a price reduction of Rs88,000. The price of Prince Pearl has come down to Rs1.111 million from Rs1.199 million.
United Bravo
United Bravo is another 800cc local car enjoying the same benefits as Prince Pearl. The car was worth Rs1.099 million. After a price reduction of Rs 69,000, it now costs Rs1.030 million.
United Alpha
United Alpha is a 1000cc car that had a price tag of Rs 1.445 million. Due to the duty reductions, its price has come down to Rs 1.350 million. The price difference is Rs 95,000.
