Import duty on Luxury Cars: If you are thinking of buying expensive and luxury cars, then good news for you! The government has reduced the import duty on these cars, which will now make the vehicles coming from abroad become cheaper than before. This change will especially benefit those who want to buy expensive cars or motorcycles. Let us know which vehicles will be cheaper with this new decision and how much tax has reduced.
What is a new change?
The government took many important decisions in this year’s budget, one of which was to reduce the tax on imported vehicles. Earlier, cars coming from the foreign market used to pay 125% import duty, but now it has been reduced to 70%. This means that now the prices of luxury cars will see a huge decline.
Which vehicles will affect?
This decision will especially affect those cars, which cost more than US $ 40 thousand (about 35 lakh rupees). Earlier, these cars were charged a lot of tax, which increased their price significantly. But now, due to tax cuts, these vehicles will become cheaper than before.
Tax on motorcycles also reduced
Not only cars, but also on expensive motorcycles, import duty has been reduced.
The motorcycle, whose engine is less than 1600cc and which is completely made abroad, has been reduced from 50% to 40%.
The motorcycles whose engines are built abroad but the rest of the parts are assembled in India, the tax has been reduced from 25% to 20%.
At the same time, motorcycles of more than 1600cc, whose parts come from abroad but the bike is assembled in India, has been reduced from 15% to 10%.
Relief on Semi-Nock Down (SKD) and Completely-Nock Down Units
The government has also cut the tax on assembling of vehicles.
The Semi-Nockd Down Kit was earlier taxed at 25%, which has been reduced to 20%.
Completely-Nock Down (CKD) units had earlier 15% tax, which has now been reduced to 10%.
How will customers benefit?
This decision of the government will benefit customers who want to buy luxury vehicles. Earlier, due to heavy taxes on cars coming from abroad, their price used to be very high, but now due to reduced tax, the prices of cars will be reduced and people will be able to buy them easily.
With this move of the government, buying a luxury car and expensive motorcycle in India will now become cheaper than before. Customers will get relief from tax cuts and they will be able to buy luxury vehicles in their budget. If you were also thinking of buying expensive vehicles or motorcycles, now it can be the right time for you!
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