Reduction in Excise Duty

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Tuesday, 18 February 2014

Reduction in Excise Duty

Tuesday, February 18, 2014 excise duty, india, news, reduction in excise duty, small cars, suvs No comments

The Union finance minister, P. Chidambaram announced the reduction of the central excise duty on small cars, scooters/two-wheelers, SUVs and on large and mid-sized cars in the interim budget 2014.

Segment	Current Excise Duty	Proposed Excise Duty	Price Reduction Expected
Two-wheelers	12%	8%	Rs 1,500-2,000
Small cars	12%	8%	Rs 15,000-20,000
Motor vehicles of engine capacity not exceeding 1500 cc	24%	20%	Rs 32,000-48,000
Motor vehicles of engine capacity exceeding 1500 cc	27%	24%	Rs 40,000-50,000
SUVs*	30%	24%	Rs 48,000-60,000
Commercial Vehicles	12%	8%	Rs 48,000-80,000

*Expect 4% to be passed on to consumers

It is expected that this reduction in excise duty would reduce the acquisition price, making the vehicle more affordable and increase in demand in the auto sector.