Vehicles Will Become Cheaper: During the last few times, the prices of vehicles have increased for many different reasons. In the beginning of this year, almost all the vehicle manufacturers have also announced an increase in the prices of their vehicles. Earlier in the last year also, companies have increased the prices of their vehicles several times. But, now the price of vehicles is expected to come down. Actually, in Budget 2023, Finance Minister Nirmala Sitharaman announced to a reduction of the basic custom duty rates on automobile goods.
Finance Minister Nirmala Sitharaman said in the speech, “I propose to reduce the number of basic customs duty rates on goods other than textiles and agriculture from 21 to 13. As a result – basic customs duty on certain items including toys, bicycles, automobiles customs duty.” There will be minor changes in duty, cess, and surcharge.
old government vehicles will be scrapped
In the speech, Finance Minister Nirmala Sitharaman said, “Replacing old polluting vehicles is an important part of making our economy a green economy. Adequate funds have been allocated for the scrapping of vehicles. States will also be helped to replace old vehicles and ambulances.
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