Mahindra & Mahindra (M&M) said it has reduced prices of e-Verito by up to Rs 80,000 in order to pass the benefit of reduced GST on electric vehicles to customers. Post the GST rate cut announcement, Mahindra e-Verito will cost Rs 10.71 lakh (including FAME benefits, on-road price, Delhi). "Mahindra will pass on these benefits to customers across our entire product range with immediate effect. This tax cut along with the strong FAME II policy will see the adaption rate in electric vehicles going up drastically with a boost to India's last and first-mile mobility," Mahindra Electric CEO Mahesh Babu said in a statement.
The company has also slashed the price of its electric three wheeler, Treo, by up to Rs 20,000. The prices of the model will now start at Rs 2.05 lakh (on-road). Last week, the high-powered GST Council decided to reduce the tax rate on electric vehicles from the existing 12 per cent to 5 per cent effective from August 1. It also slashed the Goods and Services Tax (GST) on EV chargers from 18 per cent to 5 per cent.