Apollo Tyres on Wednesday announced that it will be passing on the benefits of the recent GST rate cut to customers by lowering the tyre prices. Depending on the product, prices will drop by Rs 300 to Rs 2,000.
Passenger car tyres will become cheaper by Rs 300 to Rs 1,500, while truck and bus radial tyres will see a reduction of about Rs 2,000.
The GST Council recently cut tax on new pneumatic tyres from 28% to 18%, and on tractor tyres and tubes to 5%. Apollo Tyres said it will transfer the full benefit of these changes to buyers.
"The revised pricing will be applicable across all product segments, including passenger car tyres, commercial vehicle tyres, agricultural and two-wheeler tyres," Rajesh Dahiya, vice president, commercial (India, SAARC and Southeast Asia), Apollo Tyres told PTI.
Dahiya said the lower prices would ease costs for vehicle owners, farmers and fleet operators.
"The company has already begun working closely with its distribution network to ensure the seamless implementation of the new pricing structure across the country," he added.
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