- : Price of the cars Increased
Budget 2016 : Price of the cars Increased
Monday, February 29, 2016 6:16:40 PM Asia/Calcutta
Finance Minster Mr. Arun Jaitley today announced new taxes on all the passenger cars from entry level to luxury ones.
Today In his budget speech, the Finace Minister announced 1 per cent infra cess on all the small petrol/LPG/CNG cars of length not exceeding 4-metre with an engine capacity below 1200cc.
Taxes on the sub-4 metre diesel cars with engines not exceeding 1500cc will be additioanl 2.5 per cent. While other higher engine capacity cars including bigger sedans, MPVs and SUVs have an additional 4 per cent ‘high capacity’ tax. There’s also an additional 1 per cent ‘luxury tax’ on all the cars above Rs 10 lakh.
Budget Higlights 2016-17 of Automotive Industry.
Break-up of new taxes on cars, SUVs, Sedans and MPVs and other announcement regarding Automotive industry
% infra cess on small petrol/LPG/CNG cars of length not exceeding 4-metre with
an engine capacity below capacity 1200cc.
(2) 2.5 % additional tax on sub-4 metre diesel cars with engine not exceeding capacuty 1500cc.
(3) 1% luxury tax on all the cars above Price Rs 10 lakh.
(4) 4 % tax on bigger sedans, MPVs and SUVs with higher engine capacity.
(5) No announcements on Scrap policy.
(6) Allocation of Rs 97,000 crores for Roads and Highways for FY 2016-2017.
All the car prices will go up from entry level to luxury cars.
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