Two-wheeler prices are likely to rise soon because Finance Minister has withdrawn the concessions on Motorcycles and Scooters from January 1, 2015.
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This could mean that excise duty on two-wheelers will go up by 2-6 %. In June this year BJP government extended the concessions of two-wheelers by 6 months to December 31. According to the industry estimates, Vehicles prices will rise up to 2-6 %.
Manufacturers had asked government to extent the excise duty relief, as the removal of this excise duty relief could impact the Vehicle sales.
The Decision of removing the excise duty relief comes as a result of government lacking in meeting its ambitious fiscal deficit target of 4.1% of gross domestic production of the year to March 31, 2015. The duty cut have hit governments revenue collection very badly
If the concessions are not extended, the excise duty on motorcycles and scooters will go up from 8 % to 12 %.
Earlier, in February, the UPA government had cut excise duty on two-wheelers to help the industry tide over a demand slump. The excise duty relief was applicable till June 30 and later extended till December 31 by the BJP.
Bajaj has already announced the hike in prices of its brands Platina and Discover by January 2015.
News Source: New Year Shock: Cars, SUVs, TVs Set to Get Costlier - NDTVProfit.com
This could mean that excise duty on two-wheelers will go up by 2-6 %. In June this year BJP government extended the concessions of two-wheelers by 6 months to December 31. According to the industry estimates, Vehicles prices will rise up to 2-6 %.
Manufacturers had asked government to extent the excise duty relief, as the removal of this excise duty relief could impact the Vehicle sales.
The Decision of removing the excise duty relief comes as a result of government lacking in meeting its ambitious fiscal deficit target of 4.1% of gross domestic production of the year to March 31, 2015. The duty cut have hit governments revenue collection very badly
If the concessions are not extended, the excise duty on motorcycles and scooters will go up from 8 % to 12 %.
Earlier, in February, the UPA government had cut excise duty on two-wheelers to help the industry tide over a demand slump. The excise duty relief was applicable till June 30 and later extended till December 31 by the BJP.
Bajaj has already announced the hike in prices of its brands Platina and Discover by January 2015.
News Source: New Year Shock: Cars, SUVs, TVs Set to Get Costlier - NDTVProfit.com