Mumbai, Feb 28 (UNI) The domestic automobile sector that expected a number of sops in the Budget for 2007-08 like reduction in the excise duties on motor cars, phase out of CST, elimination of surcharge, withdrawal of FBT and removal of cess was disappointed that none of its wish-list had come true.
The automobile industry is one of the growth drivers of the economy, as such tax concessions would have provided increased sales thereby making significant contributions to the exchequer, Rajeev Chaba, President&Managing Director, General Motors India said.
On the other hand, a reduction in the peak Custom Duty from 12.5 percent to 10 per cent and reduction of one per cent CST are welcome moves. Similarly, the Government's intention to move towards the introduction of GST by 2010 is also a welcome decision, Mr Chaba added.
UNI
The automobile industry is one of the growth drivers of the economy, as such tax concessions would have provided increased sales thereby making significant contributions to the exchequer, Rajeev Chaba, President&Managing Director, General Motors India said.
On the other hand, a reduction in the peak Custom Duty from 12.5 percent to 10 per cent and reduction of one per cent CST are welcome moves. Similarly, the Government's intention to move towards the introduction of GST by 2010 is also a welcome decision, Mr Chaba added.
UNI
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