Kia Car Prices Revised After CVT Applied
As expected, the Kia car prices have been revised after Kia Lucky Motors applied Capital Value Tax (CVT) on its models. Under the Finance Act 2022, the government has imposed 1% CVT on cars above 1300cc. Furthermore, the new tax is applicable on all orders from July 1, 2022.
So, after applying this new tax, here are the revised prices.
Kia Picanto
As Kia Picanto comes with an engine under 1300cc, the CVT is not applicable, so its prices remain unchanged.
Kia Stonic
Kia Stonic is the company’s first car affected by the CVT, and here is its new price after tax.
- The first variant, Stonic EX, will now cost Rs. 4,469,250 compared to old price of Rs. 4,425,000 as Rs. 44,250 CVT has been imposed on it.
- On the second variant, Stonic EX+, additional Rs. 47,250 are applied as CVT, taking the price to Rs. 4,772,250 from Rs. 4,725,000.
Kia Sportage
Kia Sportage comes in three variants, and here are the new prices of the car after applying the new tax.
- The new price of first variant, Sportage AWD, is Rs. 6,363,000 compared to previous Rs. 6,300,000 as Rs. 63,000 have been added as CVT.
- Meanwhile, Rs. 58,000 are added as new tax for second variant, Sportage FWD, taking the price to Rs. 5,858,000 against Rs. 5,800,000.
- And the third variant is Sportage Alpha, whose new price is Rs. 5,353,000 compared to Rs. 5,300,000 as Rs. 53,000 have been applied as tax.
Kia Sorento
The vehicle has three variants, and here are all the new prices.
- Rs. 74,990 are added as CVT on first variant, Sorento 2.4 AWD, taking the rate to Rs. 7,573,990 from Rs. 7,499,000.
- The second variant is Sorento 2.4 FWD, and Rs. 68,360 have been added as tax on it, meaning it will now cost Rs. 6,904,360 against previous Rs. 6,836,000.
- The third and final variant is Sorento 3.5 FWD, whose tax is Rs. 74,990, taking the price to Rs. 7,573,990 from the previous Rs. 7,499,000.
As per a notification by Kia, the company believes in transparency; therefore, it felt clarification is essential.