Mexican Media Brands
India Drops Tax Breaks on Cars
The Indian government has phased out breaks on excise taxes for cars and other consumer goods, effective Jan. 1.
#economics
Share
The Indian government has phased out breaks on excise taxes for cars and other consumer goods, effective Jan. 1.
The resulting increases will range from 8% to 24% depending upon a car's size and price and cost between 8,000 and 200,000 rupees ($126 and $3,200), according to BBC News.
The policy shift produced a sharp increase in sales in December. Sales jumped for Maruti (13% to 98,100 units), Hyundai (15% to 32,500), Mahindra (5% to 17,300), Honda (163% to 14,400), Ford (28% to 14,400) and Tata (30% to 12,000), The Financial Express reports.
Analysts expect this year's higher prices to generate a sales slump in January that will continue for several months. Car dealers are bracing for an especially big decline in demand for SUVs.
RELATED CONTENT
-
What Suppliers Need to Know Right Now
This is a time of reckoning for the auto industry, says Paul Eichenberg. He has some recommendations as to how companies can make their way through it.
-
MTU Research to Boost Fuel Economy ~20%
Researchers are using V2X communications and other methods to provide vehicles with a significant increase in fuel economy.
-
On Urban Transport, the Jeep Grand Wagoneer, Lamborghini and more
Why electric pods may be the future of urban transport, the amazing Jeep Grand Wagoneer, Lamborghini is a green pioneer, LMC on capacity utilization, an aluminum study gives the nod to. . .aluminum, and why McLaren is working with TUMI.