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Journalism of Courage
Shares of Mahindra amp; Mahindra and Tata Motors today fell by nearly 2 per cent after Finance Minister P Chidambaram proposed to increase the excise duty on all sports utility vehicles.
Mahindra amp; Mahindra lost 1.63 per cent to Rs 876.75. Tata Motors also fell by 1.78 per cent to Rs 280.90 on the BSE. Finance Minister P Chidambaram today proposed to increase the excise duty on all sports utility vehicles and hiked the import rates of all luxury vehicles,including super bikes.
8220;SUVs occupy greater road and parking space and ought to bear a higher tax. I propose to increase the excise duty on SUVs from 27 per cent to 30 per cent. However,the increase will not apply to SUVs registered as taxis,8221; he said during
his Budget speech.
A sport utility vehicle SUV is a vehicle similar to a station wagon or estate car,usually equipped with four-wheel drive for on and off-road ability. In highly volatile trade,the BSE benchmark Sensex was trading at 19,164.89,up 12.48 per cent in afternoon trade.
