Cars, bikes to be costlier in new year
31 Dec 2014 12:18 AM GMT
Cars, SUVs and two-wheelers will become expensive from January 1 with the Government deciding not to extend the reduced excise duty rates provided to the sector. “The government is not extending the excise duty concessions on the auto sector,” a finance ministry official said.
In order to boost the auto sector, the previous UPA government had cut excise duty on cars, SUVs and two-wheelers in the interim Budget in February. The excise duty was reduced to 24 per cent from 30 per cent in the case of SUVs, 20 per cent for mid-sized car from 24 per cent and 24 per cent for large cars from 27 per cent.
In June, the new government led by Narendra Modi extended the excise duty concession by six months to December 31, which is not being further extended.
In order to boost the auto sector, the previous UPA government had cut excise duty on cars, SUVs and two-wheelers in the interim Budget in February. The excise duty was reduced to 24 per cent from 30 per cent in the case of SUVs, 20 per cent for mid-sized car from 24 per cent and 24 per cent for large cars from 27 per cent.
In June, the new government led by Narendra Modi extended the excise duty concession by six months to December 31, which is not being further extended.
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