The federal government recently increased the General Sales Tax (GST) on expensive items to 25%. In accordance with SRO 297(1)/2023, the Federal Board of Revenue (FBR) issued a new sales tax notification to confirm the existence of this additional tax. However, some vehicles that weren’t 1400cc cars are also subject to this tax application. We were expecting a new price increase because it was important to note that all domestically produced or assembled SUVs and CUVs, including those with engine displacement lower than 1400cc, were subject to this tax category.
Toyota claimed that the highly volatile PKR exchange rate and economic uncertainties had a negative effect on IMC’s manufacturing costs. IMC is having trouble maintaining the current indicative retail selling prices as a result, and as a result, they are forced to pass some of the effects along to the market. Additionally, in accordance with the Sales Tax Act of 1990, on March 8, 2023, the Government of Pakistan issued Statutory Regulatory Order (S.R.O. 297(I)/2023), which raised the Sales Tax rate to 25% on all CKD vehicles with engine capacities of 1400cc and above (aside from IMV-I Single Cabin).
New Toyota Car Prices
The car assembler has increased the prices of all of its CKD variants. Here are the revised Indicative RSPs (Ex-Factory Karachi) for all CKD variants prices of the vehicles.
Yaris New Price
Toyota Yaris 1.3 MT LO now costs Rs. 4,499,000 instead of Rs.4,316,000.
Whereas, Toyota Yaris 1.3 CVT LO has a new price of Rs.4,789,000 compared to the old price of Rs. 4,588,000.
Toyota Yaris 1.3 MT Hi now costs Rs. 4,759,000 instead of the old price of Rs. 4,558,000.
Toyota Yaris 1.3 CVT Hi also has an updated price of Rs. 4,999,000 instead of the old price of Rs. 4,790,000.
Toyota Yaris 1.5 MT used to cost Rs. 4,911,000, but now its new price is Rs. 5,429,000.
Toyota Yaris 1.5 CVT now costs Rs. 5,769,000 instead of the old price of Rs. 5,213,000.
Revised Price of Corolla
Toyota Corolla 1.6 MT was priced at Rs.5,576,000 a couple of weeks ago, but after seeing an increase, it now costs Rs. 6,169,000.
The price of the Toyota Corolla 1.6 CVT was also raised to Rs. 6,769,000 compared to old rate of Rs. 6,111,000.
Similarly, the price of the Toyota Corolla 1.6 CVT SR was priced at Rs. 6,716,000, but today, it has been raised to Rs. 7,429,000.
Toyota Corolla 1.8 CVT used to cost Rs. 6,423,000, but now its price has been hiked to Rs. 7,119,000.
Toyota Corolla 1.8 CVT SR had an old price of Rs. 6,998,000 and now it costs Rs. 7,759,000.
Toyota Corolla 1.8 CVT SR BLK used to have a price tag of Rs. 7,039,000 but now its rate is Rs. 7,799,000.
Toyota Revo Updated Price
Toyota Revo V AT 2.8 used to cost Rs. 12,969,000 but now costs Rs. 14,389,000.
Similarly, Toyota Revo V At Rocco had a price of Rs. 13,675,000 a few days ago. Now it costs Rs. 15,179,000.
Toyota Fortuner New Prices
Toyota Fortuner 2.7 G Petrol used to cost Rs. 14,230,000 but now costs Rs. 15,809,000.
Similarly, Toyota Fortuner 2.7 V Petrol had a price of Rs. 16,297,000 but has now been hacked to Rs. 18,099,000.
Toyota Fortuner 2.8 Sigma 5 Diesel now has a price tag of Rs. 19,079,000 as opposed to the old price of Rs. 17,175,000.
Lastly, Toyota Fortuner Legender Diesel has a new price of Rs. 20,129,000 instead of the old price of Rs. 18,112,000.
TERMS & CONDITIONS:
- Please note that these indicative prices are purely provisional, and are subject to change. These prices shall not
be construed as the final price. The price at the time of delivery shall continue to be applicable.
- The prices are Indicative Ex-factory Karachi, per unit inclusive of applicable Sales Tax, applicable FED, 1% CVT
and Dealer’s Commission.
- The prices are exclusive of transportation, transit insurance charges, etc. which are to be charged at applicable
rates from customers.
- Any impact on prices due to changes in Government levies and taxes (including FED, Sales Tax, CVT etc), tariff,
fiscal policies, import policies, forex, etc. will be on account of customer.
- The prices are exclusive of advance income tax/ WHT which is to be charged from customers based on
applicable tax rates for Filers/Non-filers under the Income Tax Ordinance.
- Orders placed by customers are governed by the terms and conditions of Provisional Booking Order Form (PBO),
Partial Payment terms and conditions, Payment and Force Majeure undertakings signed and submitted by the
customers.
In coming days, we will see more price increased by the local car companies. So, be ready.
