sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
News Headlines »
 Have you filed your income tax? Remember these deadline nears; know from TDS, TCS to challan, forms
 Notification No. 96/2018 -Central Board Of Indirect Taxes And Customs
 Here’s how you can check your ITR refund status online
 Your tax form will be filled by the taxman Income tax return (ITR) filing
  Section 24 and Section 56 of the Banking Regulation Act, 1949 - Maintenance of Statutory Liquidity Ratio (SLR)
  Companies (cost records and audit) Amendment Rules, 2018
 Income tax, TDS rules explained in 10 points EPF withdrawal
 CBIC extends due date for filing of FORM GSTR-7 for the months of Oct to Dec till Jan 31st 2019
  How much income tax salaried individuals can save for FY 2018-19?
 Here's how you can lighten your income tax burden
 5 easy ways to e-verify your ITR

SIAM wants uniform 16% excise rate for passenger vehicles
January, 13th 2007
Says import duty must not go below 12.15 per cent


"Tariffs for completely built units of commercial vehicles should be de-linked from other tariffs. Duties should not go below 12.5 pc."

The domestic automobile industry has asked the Finance Minister to implement a uniform rate of excise on passenger vehicles at 16 per cent in the upcoming Budget, while asking import duty tariffs on vehicles not to be brought down below 12.5 per cent.

In its pre-budget wish list, the Society of Indian Automobile Manufacturers (SIAM) has asked the Finance Ministry to have a uniform rate of excise duty on all passenger vehicles, cars, MPVs and MUVs of 16 per cent.

The SIAM President, Mr Madhur Bajaj, said he hoped that the Government would remove the anomaly of punishing excise duty on utility vehicles and cars, which are not defined as small cars by reducing them to 16 per cent.

"It is unfortunate that such cars have been clubbed with pan masala, the only two products attracting such a rate of duty," he said. He added that the demand was in keeping with the SIAM pre-budget recommendation last year and its post-budget recommendations after Budget 2006.

At present, small cars with petrol engines of capacity up to 1,200 cc and not exceeding 4,000 mm in length, and diesel cars of engine capacity not up to 1,500 cc and not exceeding 4,000 mm in length enjoy a benefit of 8 per cent cut on excise duty announced in the last Budget.

The automobile industry body also said that for completely built units (CBU) of passenger cars, two and three-wheelers, the customs duty should be retained at the current level.

"Tariffs for CBUs of commercial vehicles should be de-linked from other tariffs. Duties should not go below 12.5 per cent," Mr Bajaj said.

The current customs duties in India were amongst the lowest in the world, and hence should not go below 12.5 per cent, SIAM said.

Given the huge investments planned in this sector, continuation of present level of tariffs would promote value addition and manufacture in India, it added.

The industry body also asked the Government to continue the tax incentives on research and development incentives, which expires this March for another 10 years.

SIAM also suggested a one-time incentive-based fleet modernisation programme to be launched during the year.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Desktop Application Development Outsourcing Desktop Application Development Offshore Desk

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions