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  3. Govt extends excise duty concessions for automobiles, consumer durables by 6 months

Govt extends excise duty concessions for automobiles, consumer durables by 6 months

26 Jun 2014 Evaluate

In a pre-budget booster, government decided to extend excise duty concessions for automobiles and consumer durables sector by more six months till December 31 to stimulate demand and revive growth in the manufacturing sector. The excise duty concessions, which were granted by UPA government in February this year, in absence of extension, were set to expire on June 30.

In the Interim Budget presented on February 17, former Finance Minister P Chidambaram had slashed the excise duty on automobiles, mobile phones, electronic items, capital goods and soaps for a period ending June 30. While, the excise duty on commercial vehicles and two-wheelers was cut to 8% from 12%, the duty on SUV’s was reduced to 24% from 30%. Besides, the excise duty on large and mid-segment cars was slashed to 24% from 27%.

Further, Finance Minister while extending lower excise duty underscored that any loss of revenue on account of this extension would be made up by the beneficial impact on the economy. He further highlighted that he expected the automobile and capital goods industry to pass on the benefit of these duty concessions on to consumers at large. This move was just to ensure that any incipient green shoots weren't killed off, as car sales just began to pick up momentum after a span of three years

Meanwhile, the Society of Indian Automobile Manufacturers (SIAM) also welcomed the government’s decision to extend lower excise duty and underscored that it would improve buyer sentiment.

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