Union Budget 2018 is finally tabled by Finance Minister of India, Arun Jaitley, the automobile industry was hoping for a bunch of changes in the current GST framework. Arun Jaitley has proposed raising custom duty on luxury vehicles that are not fully made in India but built using kits manufactured outside the country for subsequent assembly here.Most cars and bikes which are imported, or built using imported parts, in India may see a price hike soon because of the increase in custom duty. Luxury auto-makers are already disappointed with the hike in cess in high-end cars and SUVs and now hike in customs duty will further increase the cost. “To further incentivise the domestic value addition and Make in India in some such sectors, I propose to increase customs duty on certain items,” the finance minister said.
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