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Imported Bikes and Cars to Get Costlier

Published 11 years ago | By Maxabout Team Read more in Other News | 561 Views

Finance minister P Chidambaram has hiked the custom duties on the the Imported vehicle. The Indian automotive industry was already in a bit of a downturn in the past year and they were expecting some relief from the Finance ministry. But nothing of the sort happened infact their condition is more worsened with this hike. In the 2013-14 union budget the finance minister has proposed 100% custom duties on the high-end luxury cars from the current 75%. This means that from now on an INR 1 crore imported car will cost approximately INR 30 lakh more. These high-end luxury cars are those which have CIF value (Cost, Insurance and Freight) higher than INR 20 lakh and/or having engine displacement more that 3000cc for petrol and 2500cc for diesel engines. Also the sale figures for these luxury cars will be affected by the introduction of 10% annual surcharge on annual incomes of over Rs 1 crore. Along with this FM has also imposed an 15% increase in the customs duty for bikes. The customs duty has gone up from 60 to 75% for the motorcycles with more than 800cc capacity.

Updated: 04-03-2013 11:45:20

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