The Government has withdrawn the excise duty concessions to the auto industry. Sources said that the Finance Ministry has decided not to extend the concessions further. The concessions were given by the UPA government in the interim Budget in February, which were later extended by the NDA government till 31st December. In case of SUVs, the Excise Duty had been reduced to 24 per cent from 30 per cent, whereas in mid-sized cars, it was reduced to 20 per cent from 24 per cent. It was slashed form 27 percent to 24 percent for the large cars. AIR correspondent reports, with the decision of not extending the concessions, the cars, SUVs and two-wheelers will become expensive from today.
News On AIR | January 1, 2015 12:43 PM
Govt withdraws excise duty concessions to auto industry