Homegrown two-wheeler major, TVS Motor has come up with the price hike announcement. The company said that they are forced to hike the prices of its scooter and bike models following increase in excise duty that was announced in the 2012 budget.
A statement from the TVS Motors read, “It is the policy of the company to pass on the excise duty increase or decrease to the customer. Accordingly, in this case the increase has been passed on.”
Although a price increase was announcement there isn’t much details at the moment from the company. It should be noted here that the excise duty increased from 10 to 12 per cent.