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Budget 2023: Imported cars, including Electric Vehicles to become pricier due to custom duty hike
Imported cars, including electric vehicles will cost more as the government has hiked the custom duty in the Union Budget presented in the Parliament today by Finance Minister Nirmala Sitharaman.
Imported cars, including electric vehicles will cost more as the government has hiked the custom duty in the Union Budget presented in the Parliament today by Finance Minister Nirmala Sitharaman.
According to the budget document, custom duty on vehicles in completely built units (CBUs) priced less than 40,000 US dollars or with engine capacity below 3,000 cc for petrol-run vehicles and less than 2,500 cc for diesel vehicles has been raised from 60 percent to 70 percent.
Customs duty on electrically operated vehicles in CBU form, other than with cost, insurance and freight (CIF) value of more than 40,000 US dollars has also been raised to 70 percent from 60 percent.
The document adds that custom duty on vehicles, including electric vehicles, in semi-Knocked down (SKD) form will be hiked from 30 percent to 35 percent.
Already, cars imported as CBUs with CIF more than 40,000 US dollars or with engine capacity more than 3,000 cc for petrol-run vehicles and more than 2,500 cc for diesel-run vehicles attract 100 percent customs duty.
Read Also: Budget 2023 will meet expectations of every section, says MoS Finance Pankaj Chaudhary
Increasing custom duties on completely built units (CBUs) is seen by industry insiders as a means to promote domestic manufacturing. It is believed that the hike will not have much on of an impact as most luxury cars, barring some top-end variants, are now assembled in India.
On the other hand, Nirmala Sitharaman stressed that the government will “provide impetus to green mobility” by extending customs duty exemption to import of capital goods and machinery required for manufacture of lithium-ion cells for batteries used in electric vehicles.
Sitharaman said that adequate funds have been allocated to junk government-owned old vehicles in a bid to reduce pollution.
Sitharaman said that the central government will also lend support to states to help replace old vehicles and ambulances, pointing that scraping old polluting vehicles is a vital part for a greener economy.
She added that the government will boost coastal shipping with viable gap funding through PPP mode to promote as energy-efficient and lower-cost mode of transport for both passengers and freight.
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Hyundai i20 N Line Facelift launched: Checkout features here
The Hyundai i20 N line sporty hatch has been launched with a starting price of Rs 9.99 lakh for the base N6 manual variant going upto Rs 12.31 lakh for the top of the range N8 DCT version.
Hyundai Motor India has launched the i20 N Line facelift soon after the introduction of refreshed i20 in the market. The new refreshed Hyundai i20 N Line continues to be available in two variants- N8 and N6. The updated model of i20 N line comes with changes to the interior, added features, new transmission and mild cosmetic updates.
Hyundai i20 N line – Price
The Hyundai i20 N line sporty hatch has been launched with a starting price of Rs 9.99 lakh for the base N6 manual variant going upto Rs 12.31 lakh for the top of the range N8 DCT version. The Hyundai i20 N line does not have any direct rivals since the discontinuation of the Polo GT TSI. The Tata Altrozi turbo is a sort of rival, removing the sportier exhaust and suspension tuning.
Hyundai i20 N Line Facelift: Powertrain and New Gearbox
The sportier version of the Hyundai i20 facelifts most important update is the addition of the traditional 6 speed manual transmission. The model replaces the 6 speed iMT unit. The 7 Speed DCT option is still present, as are the sportier exhaust note coupled with rear disc brakes and sportier suspension marking it different from its regular counterpart. The i20N Line carries over the same 1 litre turbo petrol engine delivering 172 Nm and 120 Hp of peak torque. This is the only Hyundai model that comes with this powertrain.
Hyundai i20 N Line: Features, interior and design updates
Styling includes minor styling updates on its profile, red brake calipers, newly designed 16 inch alloy wheels, new front splitter, parametric front grille design and uniquely styled front bumper with red accents. At the rear there is a restyled bumper a spoiler, red accents, twin exhaust outlets and a restyled bumper with prominent diffuser. On the inside, the i20 N linegear k knob, leather wrapped steering wheel, metal finish pedals, red ambient lighting and mild red accents.
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Yamaha announces festive offers on FZ-S, RayZR and Fascino
RayZR 125 scooter and the Yamaha FZ-S motorcycle are being offered with cashback and low down payment offer in Mumbai.
Checkout here
Yamaha Motor India has announced low down payment deals and attractive cashback on its Fascino F1 scooters 125cc RayZR Fi scooters and 150 CC FZ-S Fi version 4.0 motorcycle a day before India celebrates Ganesh Chaturthi on September 19. The finance schemes and offers however are limited to customers in Mumbai and Maharashtra. Yamaha is offering Rs 3000 cashback, a low rate of interest of 7.99% on finance and a low down payment starting from Rs 7,999 under its Ganesh Chaturthi offers.
RayZR 125 scooter and the Yamaha FZ-S motorcycle are being offered with cashback and low down payment offer in Mumbai. The FZ-S is also carrying the offer in the rest of Maharashtra, however the Fascino 125 is included in the offer not for Mumbai but rest of Maharashtra. Similarly RayZR buyers are valid not in rest of Maharashtra but in Mumbai only.
The FZ-S Fi Version 4.0 gets an updated design with its LED headlamp unit. The indicators and the tail lamps are also LED for the latest version of the motorcycle. It also gets alloy wheels coloured in blue colour scheme. Other highlights of the FZ-S Fi include fuel injected petrol engine which produces 12.2 HP and 13.3 NM of torque, single cylinder, 2-valve and 149cc SOHC. It also gets Yamaha’s monocross suspension traction control system. The FZS has an average ex showroom price of Rs1,30,139 in Maharashtra.
Yamaha RayZR Fi price:
The RayZR Fi is one of the newer scooters that Yamaha launched in 2023. It gets a sporty and tough design, fully digital instrument cluster, optical front disc brake and LED headlamps. Its 125 cc aircooled mild hybrid engine produces 8HP and 10.3NM of torque. Prices start from Rs 86,089 ex showroom in Maharashtra.
Yamaha Fascino Fi 125:
The Fascino gets modern retro styling and the same 125cc engine as the Ray ZR. The Fascino also offers mild hybrid functionality and has an average ex showroom price of Rs 81,723 in Maharashtra.
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2023 Jeep Compass 4X2 launched: Checkout features here
The new Jeep Meridian Overland Edition SUV has been unveiled by the company with new alloy wheels, new upholstery inside, body coloured bumpers, grille pattern. Prices for the new Jeep Meridian will be announced later.
Jeep India has launched the 2023 Compass in a 4X2 variant. The 2023 Jeep Compass range starts from Rs 20.49 lakh. The automatic range starts from Rs 23.99 lakh. The entry level Jeep Compass price has been reduced by Rs 1 lakh. Bookings for 2023 Jeep Compass 2WD are now open at authorized dealerships across the countries.
The new Jeep Meridian Overland Edition SUV has been unveiled by the company with new alloy wheels, new upholstery inside, body coloured bumpers, grille pattern. Prices for the new Jeep Meridian will be announced later.
2023 Jeep Compass 4X2: Exterior
The 2023 Jeep Compass is equipped with LED Projector headlamps, LED Fog Lamps, LED tail lamps as standard, front LED reflector headlamps, glossy black 18 inch alloy wheels, glossy black grille. The 2023 Jeep Compass Black shark edition gets body-colour, lower cladding, painted roof , black shark badging on fenders, unioque ignite headlights.
2023 Jeep Compass 4X2: Interior
The Jeep Compass 4X2 is equipped with wireless charging pad, panoramic sunroof, TFT gauge cluster, 10.25 inch frameless fully coloured digital TFT gauge cluster, Android auto connectivity and wireless apple car play.
Engine specifications:
Jeep Compass 4X2 is powered by a 2 litre direct injection turbochrged in line four cylinder engine. It produces 350 NM of torque and 170 horse power. The engine is mated to a six speed manual transmission and a nine speed automatic transmission. The engine stop start technology comes standard on all trims. The car can accelerate from 0 to 100kmph in 9.8 seconds.
Safety Features:
The safety suit of 2023 Jeep Compass 4X2 includes rain brake assist is standard in all trims, rear seat reminder alert, all speed traction control, Hill start assist, Advanced brake assist, for channel electronic stability control, Electronic brake force distribution and four chnnel anti lock braking system.
