New Delhi: Auto major Honda Siel Cars India Tuesday cut prices of all its models except the CR-V utility vehicle by up to Rs 31,000.
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The prices have been revised to pass on to consumers the benefit of a four percent reduction in central value-added tax (Cenvat) announced by the government Sunday, the company said in a statement.
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Honda's top selling City model will now be cheaper by Rs 21,000, while the price of premium model Civic will go down by Rs 31,000.
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"We welcome this move (Cenvat cut) by the government. The reduction in duty will give the necessary boost to consumer demand and fuel growth in the Indian economy," Honda Siel president and chief executive M. Takedagawa said.
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"We feel it will also arrest the negative growth in the automobile sector. We are happy to pass on the benefit of the duty reduction to our customers with immediate effect," he added.
However the company said the price of the CR-V, a fully imported model, would be hiked by at least Rs 100,000 from the first week of January 2009.
