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Additional Tax For Diesel Vehicles In India Likely
Diesel vehicles are set to become even more expensive once a government proposed green tax is brought in. The plan is to impose an additional 30 percent tax on new diesel vehicles as environment compensation since these vehicles produce higher amount of emission.
The proposal is part of government's standard emission norms which will further see the implementation of stricter laws to bring down pollution. At present Euro-III compliant fuel is sold in most part of the country, while Euro-IV is being sold in cities since 2010. From 2015 Euro-IV will be made the norm throughout the country.
After that, Euro-V norms will be brought in by 2016 and Euro-VI by 2021.
While automakers are prepared to implement changes to support the new fuel standards as and when they are implemented, upgradations will also have to be made to existing refineries in the country to produce higher quality fuel.
An ET report quotes Indian Oil Corporation has stating that refineries in the country would have to invest 70,000 crore to be able to produce Euro-V grade fuel. Some of this money would be recovered either through imposing a cess on fuel or by increasing their retail price.
An expert committee, set up by the government in December 2012, will soon hold a meeting to provide recommendations regarding improving fuel quality and corresponding upgradation of vehicle engine technology for the next 10 years.
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