Budget 2015: Consumer durables industry seeks excise duty cut

Industry body CEAMA has sought reduction in excise duty on consumer durables in the Budget 2015 to help the sector combat demand slowdown.

hidden February 12, 2015 15:00:09 IST
Budget 2015: Consumer durables industry seeks excise duty cut

New Delhi: Industry body CEAMA has sought reduction in excise duty on consumer durables in the forthcoming Budget to help the sector combat demand slowdown.

Budget 2015 Consumer durables industry seeks excise duty cut

Reuters

"The recent rollback of the excise duty has led to an increase in product prices passed on to consumers, thereby adversely impacting their sentiment and leading to a subsequent drop in sales.

"We strongly propose a reduction in the excise duty to give an overall boost to the sector," Consumer Electronics and Appliances Manufacturers Association (CEAMA) President and Panasonic (India, South Asia) Managing Director Manish Sharma told PTI.

Also pitching for speedy implementation of GST, Sharma said, "Once fully implemented, GST will create a single, unified Indian market and will diminish the multiple layers of indirect taxation that prevails at present."

Agreeing with Sharma, Whirlpool of India VP - Corporate Affairs & Strategy, Asia South, Shantanu Das Gupta said: "All sectoral indicators have shown that growth has stifled the appliance industry.

"The increase in excise duty has added to our woes. What we seek from this Budget are measures that will stimulate demand."

In the interim Budget presented last February, the UPA government had cut excise duty on consumer durables and automobiles in order to boost the two sectors that were struggling due to the economic downturn.

In June last year, the new government led by Prime Minister Narendra Modi extended the excise duty concessions by six months to 31 December 2014.

The auto industry wanted further extension of the duty relaxation but the NDA government decided against it.

Last month, consumer durable firms, including Haier, Whirlpool, Panasonic, Godrej Appliances and Daikin, had announced increase in prices of their products by up to 5 percent, following the withdrawal of excise duty sops, coupled with high input costs.

PTI

Updated Date:

also read

Supreme Court says Centre, states not bound to recommendations of GST council
Business

Supreme Court says Centre, states not bound to recommendations of GST council

An apex court bench led by Justice DY Chandrachud held that the Parliament intended that the 'recommendations of the GST Council will have persuasive value as India is cooperative federalism'

Hyderabad: Five GST officials booked for 'detaining' businessman's wife
India

Hyderabad: Five GST officials booked for 'detaining' businessman's wife

The woman said that on 27 February, 2019, five people, claiming to be officials from GST, barged into her house when her husband was abroad in connection with his business

HC verdict on GST on under-construction flats to reduce tax outgo for buyers: Experts
India

HC verdict on GST on under-construction flats to reduce tax outgo for buyers: Experts

Gujarat High Court Advocate Avinash Poddar, who was also the arguing counsel in the case, said it is expected that now the Government will come up with Valuation Rules as earlier done in the service tax regime