Luxury Cars may cost 50k less

ET reported that the luxury cars may cost less upto 50,000. This can be possible if a proposed duty cut being discussed by government gets implemented. The ministry of heavy industries has written to the finance ministry to waive off the specific excise duty levied on mid-size and top-end cars last year.

The government had imposed an additional tax of Rs 15,000 on cars having engine size between 1,500-2,000cc and Rs 20,000 on all vehicles beyond 2,000cc. But the actual impact on the selling price of cars was much higher, as the tax was imposed on ex-factory price of vehicles. (ET)

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