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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » India to take up car duty hike with Sri Lanka

India to take up car duty hike with Sri Lanka

Go down  Message [Page 1 of 1]

K.Haputantri

K.Haputantri
Co-Admin
India to take up car duty hike with Sri Lanka
December 10, 2012 11:31 pm
Ada Derana

India may take up with Sri Lanka the latter’s decision to hike import duty on cars at diplomatic level. Hiked duty on passenger cars and commercial vehicles by Sri Lanka will have large implication for Indian exporters.

“We believe very substantial rise in import tariff in Sri Lanka is going to adversely affect our car exports to that country. It is matter of concern for us, and the option available before the government is to take up the matter diplomatically,” Rajiv Kher, additional secretary in India’s commerce ministry, said. Kher, who is not directly involved in exports to Sri Lanka, was speaking on the sidelines of a curtain raiser for the second India-Asean business conclave held by Ficci.

According to Kher, bringing down tariffs on imports of cars from India could be a win-win situation for both the countries as India is very competitive in small cars, as well as commercial vehicles. “It makes lot of sense that they bring down the duties and Indian imports are allowed to move freely,” he added.

The import duty on cars in Sri Lanka has gone up from 120-291 per cent to 200-350 per cent, from 51-61 per cent to 100 per cent on three-wheelers, and from 61 per cent to 100 per cent on two-wheelers.

According to estimates by the Society of Indian Automobile Manufacturers, Ind­ia exported vehicles worth $800 million to Sri Lanka out of the total automobile exports of $6 billion. However, this has become negligible this year as the revised import duty came into effect from April. Moreover, two weeks back even import duty on sports utility vehicle has gone up, thus creating further dent in exports to Sri Lanka.

Meanwhile, just ahead of the Asean-India Commemorative Summit, being held here from December 20 to 21, India is hopeful of concluding the India-Asean free trade agreement on services and investment, despite some issues still waiting to be resolved. - mydigitalfc.com

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
if this works you will see motor sector bull run Very Happy

dimo, uml will have a nice run.....

hoping sl govt looks at favourably and reducing 2nd hand car market share....and opt for sl citizens to encourage them to buy brand new hybrid /more greener friendly cars...to be in par with rest of the world....

TAH

Full Disclosure;
I am holding DIMO @775 and UML @ 101 Very Happy

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
I understand the reason the heavy taxes were imposed on Motor sector on a practical perspective. But I do not understand the reason the small car taxes ( economical gas consumption vehicles) were hiked again during this budget.

BTW, interesting to see which countries tax motor car imports the highest( in the world). Sri Lanka must be in the top 10-20.



Last edited by slstock on Tue Dec 11, 2012 12:06 pm; edited 1 time in total

Arena


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Gov. should promote Micro instead of Indian craps. No need any special attention for them. According to the article Sri lanka accounts for 13% of total Indian Auto export ? ( 800/6000m).

Better start another car manufacturing plant in Sri lanka with a good tax release................

The reason for the tax hike is BOP crisis. And now it is also managed well. Any body can go for a Panada or a trend if wants a small car. Why only Maruthi................

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Why the Govt is so adamant on going green... Other countries are more concern on Hybrid technologies and our Govt think fuel wasting sports cars are the future.. Damn!! lol!

At least they should welcome the Hybrid usage which will bring down their fuel trade debts in years to come.

In addition, I also second Amal's thoughts.. I feel that we should better trust our own Micro than Indian cars.. At least with a small scarification to the fuel, with Micro, u get comfort.. And those are not bad on fuel either though not up to the level of a Maruti.

We need to think that its very difficult to make all squares equal.

Micro got a good advantage with the last tax hike and with the increased demand they also increased the prices. This is the foolish thing with them. When they get demand and if they increase prices now, ppl will refrain from buying in future, so they're killing their own market imo..

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@smallville wrote:
Micro got a good advantage with the last tax hike and with the increased demand they also increased the prices. This is the foolish thing with them. When they get demand and if they increase prices now, ppl will refrain from buying in future, so they're killing their own market imo..

Smile

Small, Are these Micro things reliable? Do they hold the second hand prices?

Whitebull


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
What I have heard of hybrid car is the battery needs to be changed in five yearly and that would cost around one million.
If this is true I do not think hybrid car is economical for common people as they usualy do not spend such amount on fuel.
On the otherhand we can save fuel resources by using these hybrid cars.

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
instead allwing 2nd hand vehicles ..govt must rethink to reduce taxes on brand new fuel efficient cars..... Basketball

and have toll fee for cars entering metro areas or whatever drunken

TAH

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@Whitebull wrote:What I have heard of hybrid car is the battery needs to be changed in five yearly and that would cost around one million.
If this is true I do not think hybrid car is economical for common people as they usualy do not spend such amount on fuel.
On the otherhand we can save fuel resources by using these hybrid cars.

Well that's a myth brought by the usual crowd Wink

It was expensive abt 2-3 years back when the Prius was at the introductory stage but the battery cost has gone down drastically.. It's well below 4 laks now.

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@UKboy wrote:
@smallville wrote:
Micro got a good advantage with the last tax hike and with the increased demand they also increased the prices. This is the foolish thing with them. When they get demand and if they increase prices now, ppl will refrain from buying in future, so they're killing their own market imo..

Smile

Small, Are these Micro things reliable? Do they hold the second hand prices?

We've got the same doubt for Maruti abt 6-7 years back know? Smile Where it stands now?

Fresher


Moderator
Moderator
If more cars come to the road, then I'll have to consider walking to work which would be faster. Public transport needs to be improved in the city specially. The A/C bus introduction is a good first. Hope they keep adding them and improve traffic congestion as well.

In an investment point of view, what benefit is this going to bring us? Maruti and Bajaj are the two worst hit. The dealers are not even listed.
Besides, I feel there is a limit to the growth that can happen in the case of vehicles, specially luxury ones. We Sri Lankan use a vehicle for a very long time.
Even commercial vehicles have a limit. Sales were quite high in the recent past. I, personally don't believe that Auto sector in SL is one that can keep on growing.. or even maintain sales.

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