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Indian Auto Industry Has Excise Tax Problems
This, they feel, would compensate the gulf arising between small and bigger cars. This amount is levied in addition to the 22% excise duty for the bigger cars having cc more than 1500. The specifications for the bigger cars are that 4 meters and 1200 + cc (petrol) and 1500+cc (diesel) and the cars having lesser than these specifications are treated as small cars which have 10% excise. There has been representations from the industry for scarpping this additional taxation on bigger cars and make them on par small cars.
Claims for retaining the existing taxation have also been put forth , it is learnt, barring this additional Rs15000. Similarly claims for retaining the import duty have also been made by them to boost the economy of the local market, since there is 100% import duty for the imported cars. Every year pre-budget representations are made through the Society of Indian Automobile Manufacturers and this is the time for the ensuing budget. SIAM has not yet revealed any information in this regard after meeting the FM.
It is quite happy moments in the camps of the Indian auto industry which has reaped a huge growth in the last year. The net sale during April2010-January2011 has been 12676247 units from 9937850 units of the same period of the previous year, hinting the growth of 27.56%. The major boost came from the car sale which saw 31.31% growth with 1599495 units from 1218060 units of the same period of the previous FY.
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