Apollo Tyres will cut product prices between ₹300 and ₹2,000 from September 22 to pass on GST benefits.
Passenger vehicle tyres will see a reduction of ₹300–₹1,500, while truck/bus radial tyres will drop by around ₹2,000.
GST on new pneumatic tyres reduced from 28% to 18%; tractor tyres and tubes now taxed at 5%.
Apollo Tyres on Wednesday said it will reduce product prices ranging between ₹300 and ₹2,000 to pass on the GST rate cut benefit to customers effective from September 22.
The passenger vehicle tyres will see a price reduction between ₹300 and ₹1,500, while the prices for truck/bus radial tyres will decline by around ₹2,000.
The GST Council has reduced the Goods and Services Tax (GST) on new pneumatic tyres from 28% to 18%, and on tractor tyres and tubes from the previous rate to 5%. In line with this policy change, Apollo Tyres will pass on the full benefit of the reduced tax rates directly to its customers, it said in a statement.
"The revised pricing will be applicable across all product segments, including passenger car tyres, commercial vehicle tyres, agricultural and two-wheeler tyres," Apollo Tyres Vice President, Commercial (India, SAARC and Southeast Asia) Rajesh Dahiya said.
The price cut is expected to lower vehicle ownership and operation costs, providing a significant boost to fleet operators, farmers and everyday motorists alike, he added.
"The company has already begun working closely with its distribution network to ensure the seamless implementation of the new pricing structure across the country," Dahiya said.
