Budget 2007-2008

esteem_lover · 28th February 2007, 13:10

Quote:

Originally Posted by navdeep

Ad valorem duty on petrol and diesel to be brought down from 8% to 6%.

before anyone jumps with joy, this benefit is for the oil companies.

black12rr · 28th February 2007, 13:17

and stock market crashed without a seatblet !

navdeep · 28th February 2007, 13:48

Quote:

Originally Posted by navdeep

Tax exemption limit raised to Rs 1.1 lakh.
Education cess on all taxes hiked to 3%.

Both these will neutralize each other.. so net no difference.
Some relief for women and Senior citizen.

28th February 2007, 13:56

Post budget now, will the car prices go south or north...

Harrie · 28th February 2007, 13:58

Any news on TUF scheme for import of new machineries?
It was supposed to be stopped from this financial year onwards. But the PM mentioned in his speech that it might be extended.

Equus · 28th February 2007, 13:58

Nothing for the auto sector???

Su-47 · 28th February 2007, 14:05

Quote:

Originally Posted by navdeep

Both these will neutralize each other.. so net no difference.

I think it is worse now. Anybody having a taxable income higher than ~ 3.4 - 3.5L will shell out more...

sandeepmdas · 28th February 2007, 15:57

The highlight of the budget is the reduction of duty for pet food.

CBlazer · 28th February 2007, 16:09

Mr. Jagdish Khattar's statement says it all. So much for all the speculation about excise duty reductions, etc.

The Hindu News Update Service

This year's budget is a disappointment. Oh, of course! I'll pay more tax from 2007-08. I hope the additional "cess" actually gets used for education.

Kool_Kid · 28th February 2007, 16:18

I was Hoping that Tax would be reduced on the small car ( from 16 to 8 % ) . That was the reason for me to delay my decision to buy Swift VDi ...
:(

Joz · 28th February 2007, 16:48

Quote:

Originally Posted by sandeepmdas

The highlight of the budget is the reduction of duty for pet food.

I am loving it. Just got my retriever couple of days back.

That said, there is nothing much in the budget for the auto industry. Except for the extension by 5 years of weighted deduction on R&D spend at 150%. No excise duty on biodiesel is good for a few auto companies, Indian Railways Reliance and Vinod Khosla.

Reduction in peak import duties could help companies like Honda & Toyota who have larger import content. Import duties on plastic and steel seconds & defectives might also have a residual effect on input costs.

askicode · 28th February 2007, 16:50

Auto firms disappointed with budget
The industry had expected excise duty on larger passenger vehicles would be cut to 16 percent from 24 per cent and customs duty on auto parts would be cut to 5 per cent from 12.5 per cent. Something which never happened

Some response from the auto industry

"We were looking for excise duty relief on larger passenger vehicles, and wanted more on infrastructure creation," said Pawan Goenka, president of Mahindra's automotive unit.

Maruti Udyog Managing Director Jagdish Khattar expressed disappointment that auto sector has been completely ignored. "Nothing is there for the auto sector in the Budget. Presently it is a disappointment," Khattar said, but added that emphasis on agriculture and education were welcome steps.

Hero Honda managing director Pawan Munjal described the budget as populist. "The minister has certainly inflation on mind. There is nothing for auto, steel and industry as a whole but certainly focus on rural and agriculture would help in the long run," he said.

askicode · 28th February 2007, 18:42

Source: :: AUTOCAR INDIA - CAR AND BIKE MAGAZINE ::
Positives from Budget 2007 pertaining to Auto Sector

FM did cut the peak customs duty from 12.5% to 10%, which could mean a slight reduction in prices of some cars, especially those having a high import content.
FM has upped the spending to over Rs. 10,000 crores in order to further develop the national highway network.
The much anticipated Golden Quadrilateral project is also expected to be completed by 2009

All of these should have a positive impact on demand of cars in the long run

esteem_lover · 28th February 2007, 23:43

Quote:

Originally Posted by Joz

I am loving it. Just got my retriever couple of days back.

That said, there is nothing much in the budget for the auto industry. Except for the extension by 5 years of weighted deduction on R&D spend at 150%. No excise duty on biodiesel is good for a few auto companies, Indian Railways Reliance and Vinod Khosla.

Reduction in peak import duties could help companies like Honda & Toyota who have larger import content. Import duties on plastic and steel seconds & defectives might also have a residual effect on input costs.

are you going to feed him pedigree ? if at all the price comes down, it will be pedigree, not propac or giant.
cheers

wolfinstein · 1st March 2007, 00:15

There should have been Price cut policy or Incentive Policy for those running their Vehicles on Enviorment Friendly Fuels : CNG and LPG- Exemption from Road Tax or Better Yet Some rebate on Income Tax.
The country can save big amounts if it gets the Natural Gas Pipeline in place and Launches this CNG RailEngine for Short Distance travel it will go a long way in Better and More Economical Saving for the Exchequer.

28th February 2007, 13:17	#17
black12rr Senior - BHPian Join Date: Dec 2005 Location: Ridin earth now Posts: 1,278 Thanked: 339 Times	and stock market crashed without a seatblet ! Last edited by black12rr : 28th February 2007 at 13:19.
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28th February 2007, 13:56	#19
vamshi_v Posts: n/a	Post budget now, will the car prices go south or north...
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28th February 2007, 13:58	#20
Harrie BHPian Join Date: Feb 2005 Location: KA 03, KL 12, TN 38 Posts: 701 Thanked: 36 Times View My Garage	Any news on TUF scheme for import of new machineries? It was supposed to be stopped from this financial year onwards. But the PM mentioned in his speech that it might be extended.
	() Thanks

28th February 2007, 13:58	#21
Equus Senior - BHPian Join Date: Sep 2006 Location: Bangalore Posts: 1,123 Thanked: 423 Times	Nothing for the auto sector???
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28th February 2007, 15:57	#23
sandeepmdas Senior - BHPian Join Date: Feb 2005 Location: Varkala Posts: 1,537 Thanked: 2,490 Times	Eat Pedigree? The highlight of the budget is the reduction of duty for pet food.
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28th February 2007, 16:09	#24
CBlazer BHPian Join Date: Sep 2006 Location: Bangalore Posts: 596 Thanked: 17 Times	Nothing for the auto sector! Mr. Jagdish Khattar's statement says it all. So much for all the speculation about excise duty reductions, etc. The Hindu News Update Service This year's budget is a disappointment. Oh, of course! I'll pay more tax from 2007-08. I hope the additional "cess" actually gets used for education.
	() Thanks

28th February 2007, 16:18	#25
Kool_Kid BHPian Join Date: Jun 2006 Location: Delhi Posts: 165 Thanked: 15 Times	I was Hoping that Tax would be reduced on the small car ( from 16 to 8 % ) . That was the reason for me to delay my decision to buy Swift VDi ... :(
	() Thanks

28th February 2007, 16:50	#27
askicode BHPian Join Date: Mar 2006 Location: Bangalore Posts: 174 Thanked: 73 Times	Auto firms disappointed with budget Auto firms disappointed with budget The industry had expected excise duty on larger passenger vehicles would be cut to 16 percent from 24 per cent and customs duty on auto parts would be cut to 5 per cent from 12.5 per cent. Something which never happened Some response from the auto industry "We were looking for excise duty relief on larger passenger vehicles, and wanted more on infrastructure creation," said Pawan Goenka, president of Mahindra's automotive unit. Maruti Udyog Managing Director Jagdish Khattar expressed disappointment that auto sector has been completely ignored. "Nothing is there for the auto sector in the Budget. Presently it is a disappointment," Khattar said, but added that emphasis on agriculture and education were welcome steps. Hero Honda managing director Pawan Munjal described the budget as populist. "The minister has certainly inflation on mind. There is nothing for auto, steel and industry as a whole but certainly focus on rural and agriculture would help in the long run," he said.
	() Thanks

28th February 2007, 18:42	#28
askicode BHPian Join Date: Mar 2006 Location: Bangalore Posts: 174 Thanked: 73 Times	Source: :: AUTOCAR INDIA - CAR AND BIKE MAGAZINE :: Positives from Budget 2007 pertaining to Auto Sector FM did cut the peak customs duty from 12.5% to 10%, which could mean a slight reduction in prices of some cars, especially those having a high import content. FM has upped the spending to over Rs. 10,000 crores in order to further develop the national highway network. The much anticipated Golden Quadrilateral project is also expected to be completed by 2009 All of these should have a positive impact on demand of cars in the long run
	() Thanks

1st March 2007, 00:15	#30
wolfinstein BHPian Join Date: Feb 2006 Location: New Delhi Posts: 994 Thanked: 20 Times	There should have been Price cut policy or Incentive Policy for those running their Vehicles on Enviorment Friendly Fuels : CNG and LPG- Exemption from Road Tax or Better Yet Some rebate on Income Tax. The country can save big amounts if it gets the Natural Gas Pipeline in place and Launches this CNG RailEngine for Short Distance travel it will go a long way in Better and More Economical Saving for the Exchequer.
	() Thanks