SWADESHI CAR GETS CONCESSIONS GALORE FROM MAHARASHTRA GOVT
Article Abstract:
The Government of Maharashtra has decided to offer a host of concessions to cars manufactured in the State. It has waived central sales tax of 2 percent on Indica for a period of two years. It has also offered two-year tax holiday on purchase tax on all components that are required to develop indigenous cars. The sales tax for Indica sold in Maharashtra will be 10 percent and the purchase tax about 6 percent. The tax concessions will benefit Tata Engineering Locomotive Company (Telco), manufacturer of Indica, to an extent of Rs170 crore. The State Government has identified projects having gross fixed capital of over Rs1,500 crore in automobile sector as mega projects. These projects come under category A. The Government has decided to offer sales tax concessions under its Package of Incentives. This will benefit not only Telco's Rs1,700 crore project but also Fiat Auto, which is setting up a greenfield unit at Rajangaon, near Pune. (gs) (psr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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KINETIC'S SMALL CAR HITS EXCISE SOP DELAY
Article Abstract:
Kinetic Engineering Ltd (KEL) of Pune has completed work on its 500 cc car. It is waiting for the government's decision for slashing the excise duty to 15 percent from 40 percent which will bring the cost price to Rs1.25 lakh. The excise duty, sales tax and octroi on the car will increase its price to Rs1.5 lakh to Rs1.6 lakh. KEL plans to make 2,000 cars in the first year and 10,000 cars in the second year of operations. KEL has tied up with Briggs & Stratten for import of engines for the 500 cc car. (rk)
Comment:
Has completed work on its 500 cc car
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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