Government hikes duty
17 Jun 2008 3:35 AM  by Rameshwar in Indian Car Market ,
To curtail the demand for gas guzzlers , the Government of India has hiked the excise duty on vehicles. The SUVs , luxury cars having the engine capacity 2000cc and above will see increase in price of Rs20 , 000. The mid size cars having engine capacity ranging between 1500 to 1999cc increases up to RS.15 , 000.Sales of luxury brands like Audi , Daimler Chrysler , Skoda and the sales of popular cars Maruthi SX4 , Honda Verna , Honda Accord might be affected. The new duty structure will not affect the small cars owning a engine capacity less than 1500cc.The specific duty would in addition to the existing ad valorem rate of 24% , the finance ministry said in a notification issued on friday.They are discouraging buyers from going for fuel-guzzling vehicles.The Department of Heavy Industry (DHI) said this move anticipated as increase in crude oil price covering $135 per barrel.The present move would check the raising demand of oil increasing at a rate of 24%. The manufacturers feels that the hike is unprecedented and decision would affect the industry.
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