Budget 2013 was presented by Indian Finance Minister Mr. P. Chidambaram earlier in the day. Overall the budget was more of a populist budget as expected due to the forthcoming elections. As for as the Automobile Industry is concerned, the budget has very few announcements and that too on the negative side. Here is the highlights of Indian Budget 2013 and its impact on the Automobile Industry.
- Excise Duty on SUV’s increased to 30% from the current 27%
- SUVs registered as taxis are exempted from Excise duty hike
- Custom duty on Fully imported Luxury Cars increased from 75% to 100%
- Customs duty on Fully imported Motorcycles increased to 60% to 75%
- Subsidy benefit for Electric Cars Extended till 2014-1
- Big Boost for Commercial Vehicle Manufacturers. Rs. 14,483 allocated for JNNURM to purchase around 10,000 buses
- Excise duty on specified parts of Hybrid vehicles was reduced to 6% from 10%
- Excise duty on Lithium ion Battery packs for Electric / Hybrid vehicles was reduced to 6% from 10%