No Tax Hike for New Cars in 2023-24 Budget

12 Jun 2023

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No Tax Hike for New Cars in 2023-24 Budget

The recently discussed 2023-24 fiscal budget has brought relief as there will be no increase in taxes for new cars. Initially, there were concerns that taxes such as Advance Income Tax, Capital Value Tax, and Custom Duty might see a hike, which would have driven up car prices. However, these potential tax increases were not included in the final budget. This means that car prices will remain stable, providing some respite to buyers.

No Reduction in Car Prices

Unfortunately, amidst the ongoing economic difficulties, the government has not provided any relief measures for the car industry. This means that there won't be any reduction in car prices for the foreseeable future. It's disappointing for car buyers who were hoping for more affordable options. The challenging economic situation has put carmakers in a difficult position, making it unlikely for them to offer any price reductions at this time.

Limited New Launches and Developments

Given the tough circumstances faced by the car industry, it is unlikely that we will see many new car launches or developments in the coming fiscal year. Car manufacturers are struggling to stay afloat, and under such circumstances, investing in new models or innovations seems implausible. The industry is bracing itself for a bumpy ride in the new fiscal year, with limited options and advancements available to buyers. It's a challenging time for both the car industry and prospective car buyers.

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