Within half an hour of the presentation of ‘Union Budget 2010′, the leading car makers, Hyundai, Maruti and Toyota announced a hike in car prices. The decision was taken after the government increased excise duty on small cars, large cars and SUVs.
The Hyundai said that it will hike the car prices from Rs 6,500 – Rs 25,000, depending on the size and model. Maruti Suzuki India will hike the car prices by 2% across all models, while Toyota will go for hikes up to Rs 15,000 on all models.
The Union Budget 2010 increased the excise duty on small cars and two-wheelers by 2% and to 10% on large cars. Excise Duty on the multi-utility and sports utility vehicle (SUVs) were hiked to 22%.
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