Though the excise duty on oil has decreased, consumers are deprived of any benefit as a new cess has been added to it, thereby nullifying the cut. In its Budget on Thursday, the government reduced the basic duty by Rs 2 per litre for petrol and diesel, besides doing away with additional excise duty of Rs 6. It has not helped in bringing the price of the fuel down as the government has introduced a new cess of Rs 8 per litre. Motor vehicles carrying more than 10 people and motor vehicles used for transport of goods which are imported in Completely Built Unit ('CBU') which earlier attracted a basic customs duty of 20% would now attract 25% basic customs duty. We believe it is going to impact the auto industry, consumers and is also against the spirit of 'Make in India'.

Source: dna February 02, 2018 01:07 UTC