Budget 2012: Impact on Auto sector

Budget 2012: Impact on auto sector

Last Updated: Saturday, March 17, 2012, 08:50
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Budget 2012: Impact on auto sector Zeebiz Bureau

In an attepmt to end the blues that prevails in the auto sector, the following provisions have been made by the Finance Ministry Pranab Mukherjee in the Budget 2012-13 :

  • Increase in the excise duty in large cars from the current 22 percent to 24 percent

      • Specified parts required hybrid vehicles enjoy full exemption from basic customs duty and special CVD with concessional excise duty of 6 percent.

          • Completely Built Units of MUVs/SUVs whose value exceeds USD 40,000 per vehicle are permitted for import without type approval.

              • Basic customs duty on MUVs/SUVs basic customs duty on such vehicles is being enhanced from 60 percent to 75 percent ad valorem.

                  • Making of commercial vehicle bodies is currently exempted from excise duty.

                      • Allocated Rs 1,000 crore to National Skill Development Fund (NSDF).

First Published: Friday, March 16, 2012, 18:24
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