The excise duty concessions given in the interim Budget by the outgoing UPA government in February last and extended by the new Finance Minister Arun Jaitley by six months, ceased to be in force from Thursday.
Auto makers and white goods manufacturers today adopted a 'wait and watch' stance on effecting an expected hike in prices in the wake of withdrawal of excise duty concessions, even as major car makers Maruti Suzuki , Hyundai and Toyota reported robust sales in December.
The excise duty concessions given in the interim Budget by the outgoing UPA government in February last and extended by the new Finance Minister Arun Jaitley by six months, ceased to be in force from Thursday.
Top government sources said the withdrawal of the lower excise duty on automobiles and consumer durables, including TV and refrigerator, was inevitable in view of the fact that the government had to look at raising revenue and bridging the fiscal deficit targeted at 4.1 percent of GDP.
The decision not to extend the concession could mean an income of about Rs 1,000 crore in the remaining three months of the financial year.
There was no clarity on whether a notification was necessary but government sources said the concessions were given for a specific time and would automatically cease if they were not extended.
On their part, the auto makers said they were waiting for some time because of lack of clarity on the issue and would decide on hiking vehicle prices soon.
In fact, the manufacturers had talked of a hike even before the government had indicated a few days ago that the duty concessions would not be extended.
None of the car makers, including market leader Maruti, Hyundai, Toyota and Mahindra & Mahindra , announced any change in prices.
"We will study the market reaction and announce the price revision of our products accordingly," Toyota Kirloskar Motor Senior Vice President (Sales and Marketing) N Raja said.
Maruti Suzuki stock price
On January 02, 2015, Maruti Suzuki India closed at Rs 3359.70, up Rs 18.20, or 0.54 percent. The 52-week high of the share was Rs 3459.75 and the 52-week low was Rs 1541.25.
The company's trailing 12-month (TTM) EPS was at Rs 102.82 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 32.68. The latest book value of the company is Rs 694.45 per share. At current value, the price-to-book value of the company is 4.84.
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