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ASIA: "Product Sourcing in Asia Pacific" report. 64-page report by KPMG.
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backASIAtalk March, 2012
India: Budget 2012: Auto industry welcomes incentives to promote hybrid vehicles
Indian automobile industry today welcomed the government's various tax incentives provided in the Budget to promote manufacturing of environment-friendly hybrid vehicles in the country.
"The concessional import duty on specified parts of hybrid vehicles has been extended to lithium ion batteries and other parts of hybrid vehicles. This will help the industry to achieve better cost efficiency," Society of Indian Automobile Manufacturers ( SIAM) President S Sandilya said in a statement.
Mahindra & Mahindra President (Automotive and Farm Equipment Sectors) Pawan Goenka said reduction in taxes and duties for hybrid and electric vehicle components is a positive step for production of such vehicles.
General Motors India President and Managing Director Lowell Paddock said the announcements for the manufacturing sector, R&D activities, hybrid vehicles and skill development should help enhance the competitiveness of Indian industry and generate employment opportunities.
Expressing similar views, Ernst & Young Tax partner (Automotive Practice) Vinesh Kriplani said: "The reduction in excise duty from 10 per cent to 6 per cent on specific parts supplied to manufacture of electrical and hybrid vehicles will promote the growth of environment friendly cars."
Finance Minister Pranab Mukherjee today announced that the excise duty on specified parts of hybrid vehicle is being reduced to 6 per cent from 10 per cent.
Excise duty on lithium ion battery packs for supply to electric vehicle or hybrid vehicle manufacturers has also been reduced to 6 per cent from 10 per cent.
Besides, the full exemption from basic customs duty and special CVD with concessional excise duty or CVD of 6 per cent on some parts of hybrid vehicles is being extended to specified additional items and lithium ion batteries imported to make battery packs for electric or hybrid vehicles.
Source: The Economic Times - GAI
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