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Indian govt announces to raise 40% customs duty on vehicles

Indian govt announces to raise 40% customs duty on vehicles

DELHI: Finance Minister, Arun Jaitely, said that government has announced to increase 40 percent customs duty on commercial vehicles from current 10 percent.

However, on the brighter side, to give a boost to the government’s green theme he has waived off duty on electric & hybrid vehicles.

Furthermore, Finance Minister has allocated Rs 75 crore for electric vehicles. Auto analysts do not see this benefitting domestic CV majors like Tata Motors   and Ashok Leyland   in a big way. That is because it affects only the high end hydraulic power steering CVs produced by players like Volvo and Mercedes. According to CNBC-TV18, only 500-1000 high HP CVs are imported annually. There was no other announcement for the auto sector.