Govt earns more on reduced CENVAT on automobiles I used to wander what is the impact of reduced excise duty on Govt collections. Today the Government released this press statement which clears all our doubts on the so-called anticipated loss to Govt exchequer during slowdown due to reduced CENVAT on automobiles.
Source: PIB
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The domestic car sales have surged to an all time high and exports of cars have also increased in the country. The Society of Indian Automobile manufacturers (SIAM), has made the following data available:- Year
Domestic Sales (In numbers)
Exports (In Number)
As per the information received from Department of Revenue, the data on revenue earned as excise duty for motor cars including other motor vehicles (not specifically for cars) during the year 2008-09 and 2009-10 are as under:-
The Government with active participation of all stake holders has taken steps for upgrading infrastructure, establishing world class testing, homologation and certification facilities, meeting R&D need, human resource development as well as addressing issues relating to environment and safety concerns. At present since the sector is already doing well, no specific sops are needed.
This information was given by Sh. Arun Yadav, Minister of State for the Ministry of Heavy Industries and Public Enterprises in written reply to a question in Lok Sabha today. |