The previous Excise duty of the auto industry, which was given by the UPA government, was withdrawn by the new government in the center of New Delhi. The government got rid of this duty, ensuring that the tax for SUV is reduced to about 24% from the previous 30%. The Excise duty for mid-size cars, which are below 3 m, was reduced to 20% from the previous 24%.
For large cars, the Excise duty was reduced to 24% from the previous 27%. The decision was taken by the Finance Ministry, and it is definitely going to be a very trying time for people in the auto industry. The decision of not extending this Excise duty for the automobile industry will make the SUV, as well as a two wheeler more expensive. This is not what most people envisioned when they purchased a car. However, any bookings that were done before today will automatically be given the previous rate, ensuring that the end customer does not have to face any harassment by the increase.
Source: – Business Insider