Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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
 
 
 
 
Popular Search: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: VAT Audit :: empanelment :: cpt :: TDS :: ACCOUNTING STANDARDS
 
 
Sales Tax »
 Clarification on Cash sale of agricultural produce by Cultivators/Agriculturists
 Short-term capital gains are taxable at income tax slab rates in the year of sale
 India imposes regressive nationwide sales tax
 Modification of Circular No.1 of 2014 in view of substitution of Service Tax by Goods and Services Tax (GST).
 Assam government to dismantle all sales tax check-gates post Goods and Services Tax
 Income tax: How to calculate capital gains tax on sale of old jewellery
 Six arrested for posing as Sales Tax officers, extorting money
 Insurance Agency Mergers and Acquisitions in Q1 "Explode," OPTIS Partners' Report Reveals
 Sales tax sleuths raid spare parts shops in Meerut's infamous Sotiganj market
 Income Tax: How offshore income could be taxed twice
 India finalises bills to launch new sales tax in July

Extension of excise duty cut drives auto sales
July, 11th 2014

Improved sentiments, aided by an excise duty cut extension, fuelled sales of passenger cars in June, according to industry body Society of Indian Automobile Manufacturers (SIAM).

Total passenger car sales grew 15 per cent to 1.6 lakh units during the month, the highest ever June sales recorded by the industry, compared with around 1.4 lakh units in June 2013, the latest SIAM report said.

Double-digit growth

“The positive sentiments created by formation of a stable Government and extension of excise duty reduction have helped the passenger car sales post double- digit growth in June after 10 months,” Vikram Kirloskar, President, SIAM, told reporters here.

According to Vishnu Mathur, Director-General, SIAM, this was the highest ever June sales and the industry hopes this trend will continue.

Mathur also attributed the positive sales trend to the Government extending excise duty cuts on cars till the year-end.

Besides the duty cut, banks opening up to lending for car purchases has also helped automakers post better says, according to analysts. “Demand from rural areas is also picking up. But the only problem the industry might face is the impact of the monsoon, which is not at optimum yet,” said Abdul Majeed, Partner at PriceWaterhouse.

Rising rural demand

If the Government speeds up infrastructure development, the positive sentiments could continue, especially for commercial vehicles, he added.

These vehicles are still in the negative zone because when the economy grows, the passenger car sales get better immediately, but not commercial vehicles, as these depend on freight demand, Majeed said.

With the festive season slated to kick in soon, analysts are hopeful of better vehicle sales. “Discounts and sales incentives are likely to continue for the next couple of months as companies try to ramp up capacity utilisation while balancing their inventories,” said Rakesh Batra, Partner and National Leader - Automotive Practice, EY.

According to SIAM, total passenger vehicle sales grew 11 per cent to 2.19 lakh units in June against 1.96 lakh units in the year-ago month.

Two-wheeler segment

In the two-wheeler segment, sales grew 13 per cent to 12.61 lakh units, compared with 11.16 lakh units in June 2013. Three-wheeler sales also grew 23 per cent to 47,348 units in June, against 38,417 units in June last year.

However, total commercial vehicle sales are still in negative (-9 per cent) zone year-on-year at 51,119 units during June, against 56,194 units in June 2013. Overall, the grand total of all vehicles sold during June grew 12 per cent to 15.78 lakh units, compared with 14.07 lakh units in corresponding month last year.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

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