GST Effect: Renault announces that rates will be slashed by up to 7%

French car major Renault announced a reduction in price of its vehicles by up to 7% in India, ranging between Rs 5,200 and Rs 1.04 lakh, to pass the GST benefit to its customers.

The company has cut price of its hatchback Kwid Climber AMT between Rs 5,200 to Rs 29,500, SUV Duster RXZ AWD between Rs 30,400 to Rs 1,04,700 and that of Lodgy Stepway RXZ between Rs 25,700 to 88,600.

"Reflecting our customer-first approach, we have decided to pass on GST benefits to our customers, further enhancing the value proposition of our products," Renault India Operations Country CEO and Managing Director Sumit Sawhney said in a statement.

The roll out of the GST is one of the biggest achievements of the government, facilitating a one nation, one tax system, aimed at fostering a congenial business environment, he added.

"While there may be a short-term disruption as the whole system adapts to this economic transformation, but in the long term it will be very positive for the economy and corporate India," Sawhney said.