Passenger vehicles of Tata Motors Ltd. have become costlier by around 0.6 percent from Monday, July 17, as the increase in prices announced earlier this month come into effect.

The homegrown automaker on July 3 announced an average 0.6 percent increase in the prices of its various models including electric vehicles.

The carmaker hiked the prices to make up for increased input costs. However, the company said that it would offer price protection to customers on bookings till July 31, 2023.

“The price increase is to offset the residual impact of the past input costs. Tata Motors will offer price protection to bookings made upto July 16, 2023 and deliveries upto July 31, 2023,” Tata Motors had said in a release back then.

The net effect of the price hike would be amplified by the revised tax structure for SUVs announced by the GST Council last week.

The GST council in its 50th meeting decided to revise the tax structure for various industries.

The GST Council has redefined the SUV segment and imposed an additional 2 percent cess, taking the total cess to 22 percent from 20 percent earlier in addition to 28 percent GST.

Tata Motors had announced an 8 percent increase in its global wholesales of passenger vehicles in April-June to 1,40,450 units compared to the year-ago period.

Global wholesales for Jaguar Land Rover stood at 93,253 units in the first quarter of FY24. Jaguar wholesales for the quarter were 10,324 vehicles, while Land Rover wholesales for the quarter were 82,929 vehicles.

The Tata group company had posted a 5 percent increase in passenger vehicle sales in India. Total PV sales, including electric vehicles, in India were at 47,235 units in June against 45,197 units in the same month a year ago.

Shares of Tata Motors are trading 0.6 percent lower at Rs 621.25. The stock is up nearly 60 percent on a year-to-date basis.