TV, Fridge & cars to cost more from New Year!
Posted on: 31/Dec/2014 2:52:20 PM
The prices of televisions, refrigerators, and cars are likely to go up after the New Year.
A senior official from the ministry of finance informed that the production tax concession given to the consumer goods manufacturing and car manufacturing companies will expire on 31st December.
This decision will lead to a rise in the prices of all domestic consumer items and cars.
At the same time, the withdrawal of tax concession will bring the central government revenue of Rs. 1000 Crores in the next 3 months.
Earlier, during the budget presentation in February for this year, a decision was taken by the central government to reduce the tax on these items by 2% to 6% because of the prevailing recession in the sales of consumer household items and cars. This concession expires today, 31st December.
