In a relief to the automobile and consumer durable sectors, the government on Wednesday extended the excise duty concession by six months to December 31.
The government had cut excise duty on cars, SUVs and two-wheelers as well as consumer durables in the Interim Budget in February to help the industry tide over a demand slump.
The concessions were valid till June 30 and Finance Minister Arun Jaitley announced the extension till the year end. “Considering the present situation in various sectors, the government today has decided to extend the facility of this reduced excise duty to all those sections for a further period of six months, i.e., they will continue till December 31, 2014,” he said.
- Ae Dil Hai Mushkil Audience Reaction: Ranbir, Aishwarya, Anushka Starrer Gets A Thumbs Up
- Bigg Boss 10, October 27 Review: Navin, Lokesh Fights During The Immunity Task
- Shivaay Audience Reaction: Ajay Devgn Impresses Viewers
- Pakistan High Commission Staffer Caught With Defence Documents: What It Means For India & Pakistan
- The Royal Opera House Reopens After Decades Of Neglect: Here’s A Quick Tour
- Tata Sons Rubbishes Cyrus Mistry’s Allegations: Here’s What Happened
- Pakistan High Commissioner denies allegations leveled on his staffer for espionage activities
- Odisha: Villagers Refuse To Cremate Dalit Woman’s Body
- Here’s What Farhan Akhtar Said On Karan Johar-MNS ‘Deal’ Over Ae Dil Hai Mushkil’s Release
- Government’s Diwali Gift to Central Government Employees, Pensioners
- Bigg Boss 10 26th October Review: This Episode Is All About Fights
- New Zealand Beat India By 19 Runs In Ranchi; Series Levelled At 2-2
- DND Toll-Free: Noida Toll Company Moves Supreme Court Against Allahabad High Court
- British PM Theresa May Says Kashmir Is A Matter For India, Pakistan To Sort Out
- J&K: Students Suffer As Schools Along LOC Forced To Shut Amid Firing
Excise duty on small cars, scooters, motorcycles and commercial vehicles will continue at 8 per cent from 12 per cent previously. The factory gate duty on SUVs stands at the reduced rate of 24 per cent as against 30 per cent.
The duty on large cars will continue at 24 per cent compared with 27 per cent earlier, while the duty on mid-sized cars will stand at 20 per cent from 24 per cent. Excise duty on capital goods and consumer durables will continue to attract a lower duty of 10 per cent as against the pre-budget rate of 12 per cent.
Asked about the loss of revenue due to the extension of these concessions, Jaitley said the short-term loss will benefit the economy in the long run.