Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
11,921.50-96.9
Stock Analysis, IPO, Mutual Funds, Bonds & More

Excise cut on auto to continue, says Anant Geete

The Government will continue with the excise cut beyond December, Anant Geete, Minister for Heavy Industries told ETAuto.com in a brief interview.

Updated: Sep 15, 2014, 08.16 AM IST
0Comments
Excise cut on auto to continue, says Anant Geete
Excise cut on auto to continue, says Anant Geete NEW DELHI: The Government will continue with the excise cut beyond December, Anant Geete, Minister for Heavy Industries told ETAuto.com in a brief interview.

“I think the industry needs support thus the excise duty cut will continue beyond December and shall be extended at least till March 2015,” Minister for Heavy Industries Anant Geete told ETAuto.com.

It comes as a major relief to the automobile sectors. The government in June this year extended the excise duty incentive by six months to December 31.

The concessions were first announced in the interim budget in February 2012 and were valid till June 30.

The announcement will enable continuation of excise duty on small cars, scooters, motorcycles and commercial vehicles at the current level of 8 per cent from 12 per cent previously.

The factory gate duty on SUVs has been reduced to 24 percent from 30 percent while duty on large cars will continue at 24 per cent compared with 27 per cent earlier. The duty on mid-sized cars will stand at 20 per cent from 24 per cent.

The industry welcomed the assurance and anticipated that this will further strengthen sales growth in the coming months. “This is really an assurance from government that will help the industry to grow,” said Rakesh Srivastava, Sr. Vice President ( Sales & Marketing ) at Hyundai Motor India.

Automobile sales have started to revive in the past few months. Car sales grew more than 15 per cent in August, the fastest pace so far this fiscal year, helped by big discounts and new launches and also clearly signaling improving consumer sentiment as the festival season begins

Also Read

Maharashtra Election Results: Nitin Gadkari, Subhash Bhamre win; Hansraj Ahir, Anant Geete lose

Only policy formation not enough, implementation is key: Anant Geete on future mobility

Heavy industries ministry has proposed customs duty cut on electric vehicles parts to finance ministry: Anant Geete

Made in India Li-Ion batteries to cut dependence on China: Anant Geete

PM Modi to launch 2nd phase of FAME India scheme on September 7: Anant Geete

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service