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Old 26th February 2010, 13:29   #1
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Default Budget 2010 : Petro products by Re 1 & Cars to be 2% expensive,

Just coming out after listening to Budget 2010

Implications for Automotive community

1. Focus on infrastructure : 20KM of new highway construction per day
2. Petro products to be expensive by RS 1.
3. Vehicles to be expensive due to excise duty increase by 2%
4. LED lighting to be cheaper
5. Batteries to be cheaper

Last edited by StarVegabond : 26th February 2010 at 13:31.
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Old 26th February 2010, 13:33   #2
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2% increase means it will turn out to be a big amount in the end. More over the vehicle cost will increase due to import duty being increased. We have to wait until April to get a clear image on how much increase on each car
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Old 26th February 2010, 13:35   #3
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also excise benifit for big vehicles given last year has been kept again, means all UV vehicles would cost more.
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Old 26th February 2010, 13:42   #4
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One doubt:

Car prices to go up immediately after this or from 1st April?
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Old 26th February 2010, 13:47   #5
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Quote:
Originally Posted by neoonwheels View Post
One doubt:

Car prices to go up immediately after this or from 1st April?
This will happen from the next financial year i.e from April 1st. If in the budget if they specify from "immediate effect" then it will be from next day itself or else it will be from April 1st
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Old 26th February 2010, 13:49   #6
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Default Total IT benefit to be above 57600/-

Total ITax benefit would be above 57600/ for those with taxable income above 8 lakhs, taking in to account edu cess and additional 20K savings in infrastructure bonds.
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Old 26th February 2010, 13:50   #7
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Guys,

Increase of fuel price would be more than Rs. 1 i guess. Read this

" In the wake of spiralling petroleum prices, Government provided full exemption from basic customs duty to crude petroleum and proportionately reduced the basic duty on refined petroleum products in June, 2008. Compared to the international price of the Indian crude basket of US$ 112 per barrel at that time, the prices are much softer at present. In view of the pressing need to move back to a fiscal consolidation path, I propose to restore the basic duty of 5 per cent on crude petroleum; 7.5 per cent on diesel and petrol and 10 per cent on other refined products. I also propose to enhance the Central Excise duty on petrol and diesel by Re.1 per litre each."

Source: Government of India : Union Budget and Economic Survey (http://indiabudget.nic.in)
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Old 26th February 2010, 14:03   #8
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Was completely expecting the increase in petrol & diesel.
Didn't imagine the government could subsidize fuel to the same degree since such a long time. Even when oil was tripling its price worldwide 18 months back, price was increased only by around rs.5, which was also partially rolled back later. It definitely didn't merit the walkout from the opposition side.
Read the excise duty on large vehicles is at 20%; how much was it earlier?
2% increase in excise is also great to hear, since its only a partial rollback. FM seems to have something up his sleeve for the next budget. It'll make sense to buy a vehicle this year itself before the excise increases anymore after the next budget.

Last edited by Musicmaker23 : 26th February 2010 at 14:17. Reason: Line was unclear
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Old 26th February 2010, 14:07   #9
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Quote:
Originally Posted by Musicmaker23 View Post
Read the excise duty on large vehicles is at 20%; how much was it earlier?
2% increase in excise is also great to hear, since its only a partial rollback. FM seems to have something up his sleeve for the next budget. It'll make sense to buy a vehicle this next year before the excise increases anymore.
Previously also it was 20% itself. They have not reduced or increased this time. So the additional increase in 2% will make it little bit more costlier for UV buyers IMO. So it is best to buy this year if you want to those those extra bucks.
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Old 26th February 2010, 14:15   #10
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Quote:
Originally Posted by shishir_bn View Post
This will happen from the next financial year i.e from April 1st. If in the budget if they specify from "immediate effect" then it will be from next day itself or else it will be from April 1st
Nope! Excise effect will be implemented from the mid night from the budget date, hence any of the Excise Invoice from 27th Feb 2010 will be of 10% Excise duty instead of 8%.
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Old 26th February 2010, 14:17   #11
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Default Hike in fuel Prices

Quick Update on the Fuel Price Hike from Tonite --

Petrol - 2.67/ L
Diesel - 2.58/ L
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Old 26th February 2010, 14:24   #12
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Quote:
Originally Posted by Musicmaker23 View Post
Was completely expecting the increase in petrol & diesel.
Didn't imagine the government could subsidize fuel to the same degree since such a long time. Even when oil was tripling its price worldwide 18 months back, price was increased only by around rs.5, which was also partially rolled back later. It definitely didn't merit the walkout from the opposition side.
Is the increase in fuel price going to the Oil Companies towards input costs or the Tax Dept as Excise?
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Old 26th February 2010, 14:26   #13
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My dream of buying a SUV is becoming a distant dream with every budget.

I hoped that they would come up with some SOPS for less polluting vehicles such as EV. Since our Environment minister was once the adviser for then finance minister P C.
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Old 26th February 2010, 14:27   #14
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Petrol prices to rise by Rs 2.67/litre, diesel by Rs 2.58/litre from tonight :: Source Economic times.
So now the real game starts. Excise duty increased, fuel price increased. Now if the car prices increase then customer count will reduce
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Old 26th February 2010, 14:28   #15
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Car prices could be hiked upto Rs. 25,000/-

Union Budget 2010: Car makers to hike rates after excise duty increase- Union Budget-News-The Economic Times
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