Ruling out rollback of 3 per cent hike in excise duty on SUVs, Finance Minister P Chidambaram today assured India Inc that a clutch of decisions, mainly on indirect taxes, will be announced during the course of debate on budget and Finance Bill in Parliament.In his post-budget meeting with the captains of industry in Delhi this afternoon, he said the auto sector needed some help observing that high interest rates are impacting auto sales. He also expressed the confidence that the Reserve Bank will reduce interest rates though RBI Governor will have to take a call in this regard.The budget, he said, contained certain announcements that require legislative changes and some on which only mere executive actions are needed.He said, merely because something was not announced or touched upon did not mean that those areas would be ignored.Referring to the increase in excise duty on SUVs from 27 per cent to 30 per cent, he said dual pricing on diesel at the retail pumps was not possible. The three per cent increase can be a way of realising the subsidy on diesel, which 98 per cent of the SUVs use.
News On AIR | March 4, 2013 6:00 PM
FM assures India Inc to announce clutch of decisions during debate on budget and Finance Bill