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Archives

SIAM urges govt to retain 10pc excise on small car

15/01/2011 | Author: Autoguide | 0 Comments Back To Home   < Previous News   |   Next news >

SIAM officials at the Press Conference

THE APEX body of automobile industry, Society of Indian Automobile Manufacturers (SIAM) has urged the government to retain excise duty on small cars at the current level of 10 per cent even though the industry witnessed good growth this fiscal. “The automobile industry contributed 86 per cent more excise (to the government) than last year, accounting 26 per cent of the overall excise kitty and there is no need to roll back to the levels of the pre-stimulus package days,” the SIAM President, Mr Pawan Goenka, said at a press conference in Mumbai called ahead of the Union Budget 2011-12. The healthy excise collection has been mainly driven by two factors, Mr Goenka said, the first being the reduction of 2 per cent excise duty on small cars and second the growth rate of the over all auto industry. “The industry has been encouraged by the way the government had supported it during the slowdown,” he said. As part of the stimulus package provided by the Govt to overcome the 2008-09 downturn, small cars had enjoyed a reduction in excise duty to 8 per cent from 12 per cent earlier. It was later increased to 10 per cent in last year’s Budget. Big cars, sports-utility vehicles and multi- utility vehicles currently attract 22 per cent excise duty. “Any change in excise, whether an increase or decrease will be passed on to the consumers. Let it remain at 10 per cent and not  increase to 12 per cent that was prevailing at the pre-stimulus package days,” Mr Goenka said. Asked about the wishlist of the auto industry ahead of the Budget, he merely said SIAM representatives have met Finance Ministry officials without commenting on the details. “We have had discussions with the government and are quite encouraged by the response and we have been promised that there would be a fair look at the points that we have raised,” Mr Goenka said.  

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