The interim budget also has announced a reduction of excise duty on cars. These reductions range from 3 to 4 percentage points. This is a welcome move. The UPA government announced its last interim budget, as India goes to polls in the next couple of months, where a few reductions in excise duties have been made. For example, excise duty has been brought down from 12 per cent to 10 per cent on all goods falling under chapters 84 and 85.

Additionally, there has been a reduction of excise duty on cars across all categories (different engine capacities and sizes). The reduction in excise duty rates for goods falling under chapter 84 and 85 is going to be viewed by the industry (and its customers) as good news but also as only a blip. This is because development measures, rather than taxation, have a long term impact. Read more

Source: http://economictimes.indiatimes.com/

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Categorised in: Automobile, Sector News

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