Mumbai (IANS) - Luxury car maker Mercedes-Benz India on May 25 said that it has decided to reduce the "transaction prices" of its entire ‘Made in India' product portfolio. According to the luxury car maker, the downward revision in its transaction prices is meant to cover the difference between the current ex-showroom prices and the post-GST (Goods and Services Tax) ex-showroom prices.
The company said that the price revision on a weighted average of 4% will be effective immediately, and is aimed at providing value to a customer's purchase decision before GST implementation.
"As a customer centric initiative, we are now passing on the benefits of post-GST pricing of our 'Made in India' cars with immediate effect," said Roland Folger, Managing Director and Chief Executive Officer of Mercedes-Benz. "To ensure complete peace of mind for our customers, we have decided to pass on the GST tax benefits at an earlier stage at our cost."
The company disclosed that GST's impact on the prices of CBU (completely built unit) vehicles is yet to be evaluated. "We think the implementation of the GST structure is a landmark achievement for the Indian economy, which will support the ease of doing business in India," Folger said. "We are also confident that post GST implementation; there will be growth momentum in the luxury car industry."