According to foreign reports, the Indian government recently adjusted the central government's consumption tax from 10% to 8%.
Tata, Indiaâ€™s commercial vehicle manufacturers, and Ashok Leyland both stated in a statement that they welcomed the adjustment and said that they have begun to transmit concessions to consumers.
AshokLeyland spokesman said that the new consumption tax will make the average price of each car down by 1.6 rupees (about 321 US dollars). Ravi Pisharody, Tataâ€™s vice president of commercial vehicle sales and marketing, also stated that after the consumption tax is lowered, the price of Tataâ€™s product camps will be reduced by 1 to 50,000 rupees.
However, JaneswarSen, vice president of marketing for Honda Motors India, said that the governmentâ€™s excise tax adjustment has little effect on hybrid vehicles because the hybrid vehicles are selling at a higher price, and the discount rate is not enough to attract a large number of consumers. He suggested that the Indian government should adjust the high import tariffs on cars.
In order to reform the double taxation system, the Indian government has adjusted its consumption tax at the end of 2008. It is reported that the 2 percentage points reduction will cause the Indian government to reduce Rs 3,000 crore annually.
At present, the excise duty on the Indian market is less than 4 meters and the consumption tax on 1.2-liter displacement passenger cars and 1.5-liter displacement diesel vehicles is 8%.
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