The Central Board of Excise and Customs (CBEC) has announced a clarification for the Indian automakers that an excise duty of 27 percent will be levied on the likes of Maruti Suzuki SX4, the Honda Civic and the Toyota Corolla Altis sedan car models instead of 30 percent applicable to sports utility vehicle in India.
According to a circular by the CBEC, the sedan car models will attract an excise duty of 27 percent applicable to large segment automobiles.
The clarification comes in response to the inquiry by Indian carmakers regarding the technical specifications of the large sedans. Since many of the sedans share the technical specifications with SUVs, it was unclear until now about the excise duty to be levied on the same.
The clarification by CBEC comes as a relief to carmakers in India who are already facing sluggish sales and slowdown in the economy.
The Carsfame Editorial Team publishes accurate and up-to-date content on government jobs, private jobs, internships, and career opportunities. Every article is reviewed using trusted public sources and official notifications to ensure accuracy and reliability.
