KARACHI: As Pakistan’s automobile sector struggles with economic troubles such as surging inflation and gloomy financial statistics, Pak Suzuki Motor Company (PSMC) has raised the price of its Swift GLX CVT model, The News reported on Tuesday.
With a 6.3% rise, or Rs304,000, the Swift GLX CVT variant would cost consumers Rs5.429 million rather than Rs5.125 million.
According to the company, the price increase is due to the government increasing the sales tax on locally assembled vehicles from 18 to 25% for vehicles with an invoice price (excluding sales tax) of more than Rs4 million on March 8, the date the new price will take effect.
This is the second price rise for the aforementioned variation in one month; on March 1, the business raised the price of the Swift GLX CVT by Rs85,000, along with other vehicles, due to inflation, greater overhead costs, and rising international raw material and freight rates.
It should be noted that during the tenure of the former caretaker government, the Economic Coordination Committee (ECC) and the federal cabinet approved a 25% general sales tax (GST) on all vehicles manufactured locally with prices exceeding Rs4 million, 1400cc engine capacity, or double cabin.
Pakistani auto manufacturers decried the move, urging the government to scrap the additional sales tax, claiming that it would solely hurt domestic cars.
