Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: empanelment :: TDS :: VAT Audit :: form 3cd :: list of goods taxed at 4% :: cpt :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD
 
 
Budget Extravaganza »
 Budget may put consumers before taxes to spur demand
 Budget 2017: Income tax payer friendly budget expected; Arun Jaitley may provide sops to boost housing sector
 Are you expecting good tax breaks in Budget 2017? Think again
 Budget 2017: Home insurance premium should get income tax exemption
 Demonetisation may be the trigger for any increase in service tax rate this budget
 10 things Arun Jaitley can do to make it a Budget for the middle class
 How budget 2017 can ease pain of demonetisation via income tax sops
 Budget 2017: Do we expect an overhaul of personal income tax rates and slabs?
 All eyes on Budget 2017 proposals on capital gains tax
 Budget-2017 And Gst Expectations
 Income Tax Appellate Tribunal, Kolkata Benches Kolkata Constitution of kolkata Benches for One Week From 16.01.2017 To 19/01/2017

In forthcoming budget: Rural utility vehicles may get excise duty relief
February, 17th 2011

Vehicles meant for rural markets may get some excise duty relief in the forthcoming budget , helping customers to enjoy competitive pricing.

"There is a consensus to subsidise some specific vehicles that have a mass market in rural areas. We have been looking at options to de-classify these from other vehicles that are in highest tax net so that rural users can enjoy competitive prices like tractors and other farm equipment ," a senior ministry of heavy industry official said.

The Heavy Industry Ministry is the nodal ministry for the automobile industry. Utility vehicles that attract customers from smaller towns and rural markets carry an excise duty of 22% like BMW X1 or the Chevrolet Captiva, which are referred to as sporty utility vehicles.

In the 2006-07 budget, government had drastically cut excise on small cars -- vehicles under four metres and 1,200 cc petrol and 1,500 cc diesel engines -- to 16% from 24% that catapulted massive demand as the huge price difference expanded domestic market to over 2 millions units per year.

Heavy Industries, which is the nodal ministry for the automobile industry has now put an argument that there is no rationale to tax all vehicles with different potential customer in the same bracket and the structure needs to be changed. "These utility vehicles mostly are under . 10 lakh and cater to a wider mass of customers and have multiple commercial applications.

Many of these also have direct application in agriculture , which is critical for the sustenance of the rural economy but these vehicles pay higher excise (22%) along with additional . 15,000 tax levied on luxury cars," the official added.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Bath SEO Company Birmingham SEO Company Bradford SEO Company Brighton and Hove SEO Company Bristol SEO Company Cambridge SEO Company Canterbury SEO Company Carlisle SEO Company Chester SEO Company Chichester SEO Company Coventry SEO Compan

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