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Vehicle Prices To Increase Effective 1st July, 2014
The cut on excise duty to promote sales of vehicles in India will be coming to an end. The previous ruling government had decided to offer an exemption in excise duty rates till 1st July, 2014. The move had helped sales for sure and seen an increase.
Post 1st of July, 2014 the government will go back to the old excise duty structure and it is definite that the prices of vehicles will increase. We expect prices to increase by four and six percent in both two wheelers as well as four wheelers.
There is a possibility for the ruling government to maintain the exemption of excise duty. This is possible if the government notifies prior to 30th of June, 2014. However, if there is no notification from the government the vehicles are set to get expensive in India once again.
Also Read: Five Best Selling Cars In May 2014!
A new general budget is in the making by the ruling government. The budget will be revealed in July, 2014 first week. There are high expectations from the new government and they are expected to provide some sort of relief for automobile manufacturers.
Over the last ten years, India witnessed its first drop in terms of sales. The automobile industry witnessed a dip of 6.69 percent. The only way to maintain or increase the sales of vehicles is an exemption in excise duty taxes, which will make vehicles more affordable.
SIAM and several other automobile manufacturers have had a word with Indian Prime Minister Narendra Modi. They are now expecting some sort of relief/leniency in excise duty structure. In the previous fiscal year of 2013 to 2014, the automobile manufacturers witnessed another drop in sales by almost 4.65 percent. Let us know in the comments below what you think about the excise duty cut and increase?
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