Indian budget may reduce taxes in auto sector


NEW DELHI, Feb 24 (Reuters) - India is likely to cut taxes on cars and utility vehicles in its 2003/04 federal budget to be unveiled on Friday, boosting demand for the small but potentially fast-growing industry, analysts said. They said they expected Finance Minister Jaswant Singh to cut excise duty or production tax on cars and utility vehicles to 24 percent from 32 percent as part of an overall tax reform plan. The Society of Indian Automobile Manufacturers, which represents over 40 ...

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