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: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: VAT RATES :: empanelment :: VAT Audit
 
 
Customs and Excise »
 Central Board of Excise and Customs to soon notify new procedural framework
 CBEC set to be Central Board of Indirect Taxes and Customs
 Govt to give customs, excise duty benefits to boost solar rooftop sector
 Clarification regarding posting of Central Excise officer in Cigarette units-reg.
 Ensure transparency in excise department working: Bizmen to government
 It is time to review the customs duty on essential food imports
 Migration to GST of existing Central Excise / Service Tax Assessees
 Rate of exchange of conversion of the foreign currency with effect from 3rd February, 2017
 Budgetary Changes In Customs
 Customs and excise officials upset with GST administration deal with states
 Higher petro excise props up govt tax kitty

Excise relief for auto sector may continue till February
September, 05th 2014

The Heavy Industries Ministry, the nodal wing in policy-making for the automobile sector, is likely to push for an extension in excise duty relief for the sector till next February.

Excise duty is levied at the factory gate and is included in the maximum retail price of a product. “We will write to the Finance Ministry for extension of duty benefits for some more time as the industry is yet to stabilise fully. We would also like to have a long-term policy for the sector in the next Budget,” a senior official from the ministry told BusinessLine.

The excise duty relief, announced in the Interim Budget by the UPA Government and extended by the present NDA Government, is scheduled to end on December 31, 2014.

To boost manufacturing, UPA Finance Minister P Chidambaram had lowered excise duty on small cars, motorcycles, scooters and commercial vehicles to 8 per cent from 12 per cent, on sports utility vehicles to 24 per cent from 30 per cent, on mid-segment cars to 20 per cent from 24 per cent and on large-segment cars to 24 per cent from 27 per cent. This relief was to end on June 30.

The August sales numbers of auto companies showed a mixed trend. While Maruti, Hyundai, Honda and Nissan saw sales surge in comparison with the same month last year, Mahindra, Tata Motors, Toyota Kirloskar, Ford India and GM India witnessed a decline.

In the commercial vehicles segment, Eicher Motors and Ashok Leyland saw a rise, while Tata Motors and Mahindra registered lower sales. All the major two-wheeler companies, such as Hero MotoCorp, Honda Motorcycles, Royal Enfield and TVS Motor, showed handsome gains. Now, every company is banking on the festival season that kicks off later this month.

The Heavy Industries Ministry feels that continuation of the lower excise duty for the auto sector will accelerate growth as well as employment. The auto sector is one of the biggest job creators, both directly and indirectly. It is estimated that every job created in an auto company leads to three-five indirect ancillary jobs.

The estimated monthly loss to the exchequer from the duty cut is ?250 crore. Finance Minister Arun Jaitley had said that there would be revenue implications, but as the economy benefited from such a move, any tax loss could be recovered.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

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