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Prospective buyers of the Mahindra XUV700 might find the timing opportune, especially with Diwali approaching. The automaker has implemented substantial price reductions on the XUV700, passing on the benefits of the recent Goods and Services Tax (GST) rate cut to consumers. This adjustment precedes the implementation of new rates scheduled for September 22nd. Mahindra has also detailed the specific savings available on different variants of its popular models.
The tax rate applicable to large SUVs has decreased from 48% to 40%, resulting in savings ranging from Rs 88,900 to Rs 1.43 lakh, depending on the specific variant. The XUV700 is classified as an SUV, and the updated GST rates apply to vehicles that are over 4 meters in length and have an engine capacity exceeding 1,500 cc. Previously, these vehicles were taxed at a rate of 28% GST plus a 20% cess, totaling 48%. The revised regulations streamline the tax to a flat 40%.
