Skoda Auto India has announced that it will revise prices across its entire model range effective 1st March 2018. The increased prices are a result of a revision in the custom duties announced in the Union Budget, the company said.
In the Budget for 2018-19, the Finance Ministry increased custom duty on CKD (completely knocked down) imports of motor vehicles, motor cars, and motor cycles from 10 percent to 15 percent.
The company has decided to increase prices in a phased manner to lower the overall impact. In addition, Skoda India has introduced a loyalty bonus of up to Rs 50,000 for existing Skoda customers who intend to purchase another Skoda. The multi-step price increase will range between 3% – 4% depending on the product and variant in the Skoda model range.
However, from March 1st, Skoda India will only increase prices by 1% which translates to an increase of Rs 10,000 – Rs 35,000 across the entire model range.