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Budget 2012: Maruti, Honda, Mahindra, Chevrolet to hike cars prices up to Rs 70000

Maruti Suzuki, Mahindra & Mahindra, Honda Siel Cars and GM India will increase cars prices by up to Rs 70,000 with an increase in the excise duty all vehicles in the Budget 2012-13. The increased car prices are expected to be mended by 1st April, 2012. With an increase in the excise duty 12% from 10% at present on all products in the Budget for 2012-13, Finance Minister Pranab Mukherjee Today announced that excise duties for petrol cars having 1,200 cc engine and diesel cars which have 1,500 cc engine, excise duty have been increased up to 24% from 22% and a fixed duty of Rs 15,000 for the surpassing four metres length cars.

Meanwhile, excise duty for Petrol and diesel vehicles having over four metres length with over 1,200 cc and 1,500 cc engines respectively will be 27% and a fixed duty of Rs 15,000.

It is reported that Maruti Suzuki India Limited is working on the exact amount of the hike for Maruti cars. Now, the new launching Maruti Ertiga MPV is also expected to see a hike in price, while Mahindra & Mahindra is also planning to increase the prices for entire range of Mahindra cars along with other vehicles. Mahindra will hike prices of vehicles by 2-3% or Rs 6,000 to Rs 30,000.

Honda Siel Cars India has also started the working on car prices rise, the company will be increasing the price of Honda cars. Now the prices of Honda Brio will be increased up to Rs 7,000, while Honda Accord price will a hike of Rs 60,000 to Rs 70,000.