In the proposed budget for the fiscal year 2022-23, the supplementary duty has been increased for motor vehicles. This may increase the prices of cars and motorcycles.

Prices of cars will increase

According to the proposed budget, the vehicle supplementary duty has been increased from 200 percent to 250 percent for vehicles from 2001cc to 3000cc. The supplementary duty on vehicles ranging from 3001cc to 4000cc has been increased from 350 percent to 500 per cent. However, the supplementary duty on vehicles above 4000cc has been kept the same as before i.e. 500 percent.

Read more

Laptop prices set to increase

Prices of hybrid cars will increase

Supplementary duty on hybrid vehicles has also increased. The duty on hybrid vehicles from 2001cc to 2500cc has been increased from 45 to 60 percent. For vehicles ranging from 2501cc to 3000cc, supplementary duty has been increased from 80 to 100 percent. For the 3001cc to 4000cc range, the vehicle supplementary duty has been 100 to 150 percent. The supplementary duty on hybrid vehicles above 4000 cc has been increased from 300 to 350 percent.

Prices of motorcycles will increase

The Finance Minister has also proposed a 250 percent supplementary duty on two-stroke motorcycles with engines larger than 250cc, and a 100% supplementary duty on four-stroke motorcycles with engines larger than 250cc.

Read more

Mobile handsets to be costlier