Hyundai Car Prices Increases July 2023

06 Jul 2023

481 Hyundai Sonata

Hyundai Car Prices Increases July 2023

Hyundai Nishat Motor has recently revised the tax rate applied to the price of the Hyundai Sonata 2.5 in response to a modification in the Advance Income Tax. According to an official notification released by the company, they have implemented certain amendments in their tax policies, taking into account the recent Finance Act 2023, and have outlined the implications of these changes on HNMPL products.

The company stated that the advance income tax on vehicles with an engine capacity of 2001cc and above has been modified from a fixed amount to a percentage-based tax value based on the vehicle's ex-factory price. Consequently, the tax amount will now be variable and calculated in proportion to the vehicle's ex-factory price.

These new pricing adjustments will come into effect starting from July 1, 2023.

New Hyundai Sonata 2.5 Price

As per the information provided by the company:

Previously, the Hyundai Sonata 2.5 was priced at Rs. 11,280,000, and it carried an advance tax of Rs. 300,000. However, following the revised tax rates, there have been changes in the tax amounts for both Filers and Non-Filers.

For Filers, the revised tax rate is 6%, resulting in a tax value of Rs. 676,800. This signifies an increase of Rs. 376,800 compared to the previous tax amount.

On the other hand, Non-Filers, who previously had a tax rate of Rs. 900,000, will now be subject to an 18% tax rate. Consequently, the new tax value for Non-Filers amounts to Rs. 2,030,400. This means that Non-Filers will need to pay an additional amount of Rs. 1,130,400 if they wish to purchase the Sonata 2.5L.

Customer Type	Previous Tax Rate	Revised Tax Rate	Previous Tax Value	Revised Tax Value	Increase in Tax Amount
Filers	Rs. 300,000	6%	Rs. 300,000	Rs. 676,800	Rs. 376,800
Non-Filers	Rs. 900,000	18%	Rs. 900,000	Rs. 2,030,400	Rs. 1,130,400

New Advance Tax

Under the Finance Act 2023, the Advance Income Tax rates have been revised as follows:

Vehicles with engine capacities ranging from 2001cc to 2500cc will be subjected to a 6% tax based on their value.
Vehicles with engine capacities ranging from 2501cc to 3000cc will be subject to an 8% tax based on their value.
Cars equipped with engines exceeding 3000cc will face a 10% tax based on their value.

These adjustments in tax rates have been made in response to the International Monetary Fund's (IMF) demand to broaden the tax base. It is noteworthy that the increase in tax rates for Non-Filers is a positive step as it aids the government in its efforts to encourage compliance and expand revenue collection.

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