Monday, April 15, 2024

Government to set prices If auto-manufacturers fail to justify price increases

The Ministry of Industries and Production has asked automakers to justify price increases, or else the government will enforce car prices in accordance with the law to prevent profiteering.

Taking account of the new budget measures 2021-22, the Ministry of Industries and Production claims that vehicle production will exceed 0.3 million in the current fiscal year.

By 2025, there can be a 500,000 increase in industrial units.

FED (federal excise duty) and ACD (additional customs duty) have been withdrawn from local vehicles for vehicles up to 1000 cc, the sales tax has been reduced and smaller import duties and taxes (CBUs) reduced to bridged demand gaps. For vehicles up to 1000 cc.

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