May 03, 2024 22:56 (IST)
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Govt extends reduced excise duties on some goods for 6 months
New Delhi, June 25 (IBNS): Providing a relief for car buyers, the Narendra Modi government on Wednesday decided to extend the excise duty concessions announced by the previous UPA-II government in its interim budget for another six months till Dec 31, 2014.
Finance Minister Arun Jaitley said that the facility of reduced excise duties to some segments has been extended for a further period of six months.
"In February this year, excise duties with regard to several categories of automobile vehicles were reduced for a brief period. Similarly some excise duty concessions were granted on capital goods and some consumer durables. Now these reduced excise duties had been were made applicable till the 30th of June this year," Jaitley told mediapersons.
"Considering the present situation in various sector, the government today decided to extend the facility of reduced excise duties to all these segments for a further period of six months that is they will continue till 31st December," the Finance Minister said.
He had also announced that small cars, motorcycles, scooters and commercial vehicles will have a lower excise duty of 8 percent from 12 percent, while excise duty on SUV's was reduced by 6 percent from 30 to 24 percent.
Excise duty on large and middle segment cars was reduced to 24/20 percent, down from 27/24 percent.
Reacting to the announcement, Ratan Tata, chairman emeritus, Tata Group tweeted "The nation voted 4 change. We need 2 stand together 2 support the new Govt's actions to re-build economic growth and prosperity in India."
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