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Synopsis
In the Budget 2021-22, Finance Minister Nirmala Sitharaman proposed increase in customs duty of various parts, including ignition wiring sets, safety glass and parts of signalling equipment to 15 per cent with effect from February 2.
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New Delhi The proposal to increase customs duty on certain imported automotive parts in the Union Budget 2020-21 will lead to increase in car prices, according to Merecedes-Benz India and Skoda Auto Volkswagen, even as component makers said the step will encourage local manufacturing of such items. The government on Monday proposed an increase in customs duty on certain imported components used in automobiles.