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Govt Raises Customs Duty On Certain Auto Parts To Support Local Manufacturing
Finance Minister Nirmala Sitharaman proposed increase in customs duty of various parts including ignition wiring sets, safety glass and parts of signalling equipment to 15 per cent with effect from February 2.
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With an eye on supporting domestic manufacturers, the government on Monday proposed an increase in customs duty on certain imported components used in automobiles.
In the Budget 2021-22, Finance Minister Nirmala Sitharaman proposed increase in customs duty of various parts including ignition wiring sets, safety glass and parts of signalling equipment to 15 per cent with effect from February 2.
Passenger vehicles may get costlier after duty hike
By IANS |
Published on
Mon, Feb 1 2021 17:18 IST |
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New Delhi: Women travelling in a DTC bus show their tickets as they travel free of cost after the scheme to provide free ride to women in DTC and cluster buses announced by the Delhi Government came into effect, on Oct 29, 2019. . Image Source: IANS News
New Delhi, Feb 1 : After a good December-January period when sales of passenger vehicles saw a surge in demand, those who wish to buy a car or a motorcycle may have to shell out more as the government on Monday announced to hike customs duty on some auto parts from 10 per cent to 15 per cent.
To give a push to its Atmanirbhar Bharat policy, the Centre on Monday unveiled a revised Customs duty structure that will effectively increase duties on a wide range of items. The upward revision in rates, effective from Tuesday itself, are intended to curb import of auto components and agri produce. In sectors like electronics, they may lead to further price hikes in the coming months. In the Budget for 2021-22, finance minister Nirmala Sitharaman introduced higher import duty rates on over a dozen handset and automobile components. Key electronic components like printed circuit board assembly, camera module and connectors will now attract 2.5 per cent duty.
Synopsis
In the Budget 2021-22, Finance Minister Nirmala Sitharaman proposed increase in customs duty of various parts, including ignition wiring sets, safety glass and parts of signalling equipment to 15 per cent with effect from February 2.
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New Delhi The proposal to increase customs duty on certain imported automotive parts in the Union Budget 2020-21 will lead to increase in car prices, according to Merecedes-Benz India and Skoda Auto Volkswagen, even as component makers said the step will encourage local manufacturing of such items. The government on Monday proposed an increase in customs duty on certain imported components used in automobiles.
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