New Delhi, Sept. 6 -- Auto companies including Tata Motors, Mahindra & Mahindra, Renault India, BMW and Maruti Suzuki India have announced a range of price cuts for their vehicles this festive season. This comes after the GST Council on approved rate cuts for most segments to 18 per cent, with some categories at 40 per cent.

According to a report by Kotak Institutional Equities, on-road price of most cars are expected to reduce by at least 5-8 per cent.

For passenger vehicles, which are set to see the biggest benefit with GST reduced from previous 45-50 per cent (28 per cent GST + up to 22 per cent cess depending on the type of vehicle) to a flat 40 per cent rate, Kotak expects on-road price reduction of 2-9 per cent.

The company on Se...