Budget 2020 proposes hike in import duty to promote domestic manufacturing
The Union Budget has proposed to increase customs duty on import of electric vehicles across categories. Finance minister Nirmala Sitharaman has proposed to increase basic customs duty on completely built units (CBUs) of electric vehicles to 40 pc from the existing 25 pc, while the same on the import of SKD form of electric passenger vehicles has been doubled to 30 pc.
These measures will result in a rise in prices of existing electric buses and passenger vehicles sold in India by Olectra Greentech, Hyundai Motor India Limited and MG Motor India Ltd.
