Budget 2023 auto Sector: Finance minister Nirmala Sitharaman presented the Budget 2023-2024. During this, many announcements were made regarding agriculture, education, and income tax. Accordingly, the Finance minister also issued a notification related to the automobile sector. Her announcement may come as a shock to many car customers. In fact, as per the announcement in the budget, it is proposed to increase the customs duty on imported cars, i.e. fully built units. This charge also applies to electric vehicles. All in all, the prices of foreign luxury cars are likely to remain high in the coming times. Earlier, Finance minister Nirmala Sitharaman made this announcement while presenting the budget in parliament yesterday. Accordingly, the import duty on CBU vehicles priced below $40,000 will be increased from 60 to 70 percent. And this tax is applicable to petrolvehicles with engine capacity below 3,000 cc and dieselvehicles below 2,500 cc.Similarly, the customs duty on electric vehicles manufactured abroad has also increased from 60 percent to 70 percent. The budget proposes to increase the duty on imported vehicles and semi-trailers from 30 percent to 35 percent.Meanwhile, imports of fully-built cars worth more than $40,000 are already subject to a 100 percent tariff. This tax rate applies to petrolvehicles with a capacity above 3000 cc and dieselvehicles with a capacity above 2500 cc. Shamsher Diwan, senior vice president at rating agency ICRA, said that the change is unlikely to have a major impact. This is because most luxury cars are currently assembled in the country. He said this increase in import duty will further encourage domestic car production.
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