Slight Hike In Taxes On Imported Cars
It is evident that many foreign country manufactured cars have craze among elite customers and thus the imports of luxury cars made in different foreign countries are making it to India in various forms like Knocked Down Units and Semi Built Units in a way to reduce tax on that of the fully manufactured vehicles.
On the latest Piyush Goyal, Central Minister of Commerce and Industry announced that there will be slight increase of tax on the Semi Built Vehicles and Knocked Down Units of the Vehicles as there are no takers for the Make In India programme by the luxury vehicle makers. The Minister has acknowledged his announcement saying that there is nothing wrong in doing so to make good to the country.
Let's see how the luxury car manufacturers react. Netizens say that indirectly it affects the buyer only and not the seller or maker as they increase price of the final product siting tax hike!
PostedOn: 07 Sep 2020 Total Views: 692