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Union Budget 2007 wishlist: SIAM
seeks duty cut
The Society of Indian Automobile
Manufacturers (SIAM), predictably,
wants an excise duty cut on all
vehicles in India.
BY OUR AUTO CORRESPONDENT
February 16, 2006: The Society of
Indian Automobile Manufacturers (SIAM)
wish list is out. In a pre-budget
exercise, the auto makers’ body has
urged the Union Finance Ministry to
announce a uniform rate of excise duty
on all passenger vehicles, cars, MPVs
and MUVs of 16 per cent. It has also
requested that the excise duty on two
and three wheelers be snipped to 8 per
cent.
The SIAM wish list has also said that
the import duty tariffs on vehicles
need not be brought down below 12.5
per cent. Further, the rate of excise
duty for motor vehicles with seating
capacity up to 13 persons including
driver when registered, as maxi-cab
should be 16 per cent.
It has also requested the finance
ministry that the rate of excise duty
for motor vehicles for transport of
goods fitted with petrol engine should
be 16 per cent. Urging the government
to continue the tax incentives on
research and development incentives
for another 10 years, it also said a
deduction similar to housing loan be
given for car loans too. This
according to SIAM would help in the
growth of the passenger car segment.
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