India Rescinds Tax Break on Cars

The price of cars in the country of India will increase—a lot—as the government rolls back tax breaks.

1 minute read

January 2, 2015, 1:00 PM PST

"Cars, bikes and consumer goods are set to get more expensive in India as the government plans to withdraw tax breaks in the new year," according to an article by the BBC News India.

"Finance ministry officials told local media they would not renew excise duty concessions, which end on 31 December." For why this is such a big deal, think about the cost of automobiles in the massive nation: "For a luxury car worth 5m rupees (£50,000; $80,000) the tax rise will add roughly 200,000 rupees to the cost." That increase amounts to about $3,200. Moreover, "[for] small cars, the excise duty will rise from 8% to 12% - adding roughly 8,000 rupees to the price of an average small car." (That represents an increase of $120.)

FULL STORY: India to scrap tax breaks on cars

Wednesday, December 31, 2014 in BBC News India

Transportation India Tax Breaks Cars Taxes

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