Society of Indian Automobile Manufacturers looks at Union budget with optimism
SIAM – Society of Indian Automobile Manufacturers have saluted the Union Budget 2013-14. There are various noteworthy proposals where the auto industry is concerned with…
Goods & Service Tax (GST) was expected and delivered by the Finance Minister while the auto industry is looking forward to its implementation. The Finance Minister has also played right up SIAM alley in the allocation of double funds under JNNURM scheme allotting a fair amount for upto 10 thousand buses.
SIAM had earlier recommended lower excise duties on commercial vehicle chassis from 14% to 13% and this too has been stipulated in the current Union Budget and which will make a huge difference to this sector. SIAM had also recommended that excise duty on passenger cars be reduced while the Finance Minister has offered an extension to concession for import of electric and hybrid electric vehicle parts till end of financial year 2015.
Increase on duty for second hand vehicles from 100% to 125% is a clear indication that India has emerged as a luxury vehicle loving nation and not willing to accept second hand outdated vehicles from abroad. While all these policies have been stipulated in the Union Budget it is its speedy implementation that is sought and hoped to be seen in the not too distant future. The added excise duty on SUVs, is however, further expected to dampen slacking sales.