Jul 09, 2024 03:51 PM IST
The waiver applies to popular models such as Maruti Suzuki’s Grand Vitara and Invicto, Toyota’s Hyryder and Innova Hycross, and Honda’s City.
The Uttar Pradesh government announced a full waiver of registration tax on strong hybrid cars which is expected to benefit companies like Maruti Suzuki India (MSIL), Honda Cars India (HCIL), and Toyota Kirloskar Motor (TKM). Following this, car buyers can potentially save up to ₹3.50 lakh as the waiver applies to popular models such as Maruti Suzuki’s Grand Vitara and Invicto, Toyota’s Hyryder and Innova Hycross, and Honda’s City.
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The UP government issued a circular implementing the policy as per which a “100 per cent waiver on registration fee of strong hybrid electric vehicles and plug-in hybrid electric vehicles” will become effective immediately.
Uttar Pradesh is among the largest markets for passenger vehicles in India and saw retail sales of 2,36,097 units in the first half (H1) of this year- 13.46 per cent increase compared to 2,08,092 units in January-June 2023.
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Ankit Raj, Chairperson of the Federation of Automobile Dealers Associations (FADA), “This policy will boost strong hybrid vehicle sales in UP, even though the market is currently small. Most buyers of such vehicles are not first-time owners. This move by Chief Minister Yogi Adityanath is set to aid the auto sector.”
How much can you save because of the new waiver?
Maruti offers Hybrid Electric Vehicles technology in the Grand Vitara SUV and the Invicto MPV. Toyota provides this technology in the Urban Cruiser Hyryder SUV and the Innova Hycross MPV. Honda incorporates HEV technology into the City esedan.
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For those buying Maruti Suzuki Invicto and Toyota Innova Hycross, you can save more than ₹3 lakh. On Maruti Suzuki Grand Vitara, Toyota Urban Cruiser Hyryder, and Honda City e:HEV, you can save over ₹2 lakh.
