Auto sales de-grew in 2013, for the first time in a decade, triggering calls for stimulus to be provided to the sector. Following this, erstwhile finance minister P Chidambaram slashed excise duty for the sector.
“High rate of excise duty of 24 percent to 30 percent on certain categories of vehicles was the main concern of the auto industry, which was taken care of in the interim budget 2014-15,” the Confederation of Indian Industries (CII) says in its pre-budget memorandum.
This has been excerpted from a 23 June 2014 issue of Moneycontol.com and is available in its entirety at:
http://www.moneycontrol.com/news/economy/auto-sector-wants-excise-duty-relief-extended_1109791.html?utm_source=ref_article